The 7 Sins Of A Bad, Bad Business
By Jim Symcox on Oct 19, 2005 in Uncategorized
Ok Thanks Ross (Lambert from the Ventureforge.com) for these tips on why Internet businesses fail.
Although I think they apply to any business on or off line.
Basically it comes down to the following:
1) Unrealistic Expectations – Immediate success is unlikely, so persevere.
2) Lack of focus – Find a niche and don’t follow the latest fads
3) Chasing Rabbit Trails – don’t try every technique going at the expense of your time
4) Isolation – get feedback, otherwise how do you know if you’re meeting customer wants
5) Too much expense and overhead – run lean, but not so lean you can’t take opportunities
6) Insufficient tracking – don’t know what’s happening? You’re going down the tubes
7) Lack of Knowledge – invest in yourself and/or other experts in areas you don’t know. Otherwise you can’t run your business.
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