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Lessons For Entreprenuers

Via Rajesh Jain, here are excerpts of two articles on entreprenuerism.

12 Secrets to Success:

1. They have a sound knowledge of their marketplace.
   
2. They have a sound knowledge of their competition.
   
3. They have a sound knowledge of the financial dynamics of their companies.
   
4. They have a true understanding of the importance of cash flow.
   
5. They have internal loci of control.
   
6. They have inner confidence.
   
7. They plan and they execute their plans.
   
8. They inject reality into their attacks.
   
9. They hire smart.
   
10. They hit it hard.
    
11. They make it fun!
    
12. Maybe most important, They've got fires in their bellies.
    

Entrepreneurial Death Traps

1. 50-50 Partnership death trap
   
2. Three musketeers' deathtrap
   
3. One or Two Customer Overreliance deathtrap.
   
4. "Mousetrap" Teams
   
5. Inadequate Pricing
   
6. Insufficient start-up capital
   
7. Failure to Look at the Downside
   
8. Failure to Look at Industry Norms
   
9. Lack of focus
   
10. Bringing on the Vulture
    
11. First Class from the Start
    
12. Inappropriate Distribution Path to Market
    
13. Emotional Litigation
    
14. Product Never "Ready" for Market
    
15. Low Barrier to Entry Growth Industry
    
16. Inadequate Market Research
    
17. Failure to Segment Market
    
18. No Reason for Customer to Change
    
19. Payback Can't Be Calculated
    
20. Failure to Admit a Mistake
    
21. Step Function Growth
    
22. Betting the Ranch
    
23. Ignoring the Handwriting on the Wall
    
24. Spiraling costs
    
25. Silliness phase
    

Very interesting read and points to be noted and for the record 'I AM THE ONE, I AM THE ONE'.