Five Mistakes Startups Make
Never a dull moment in the Blank Center! We have been gearing up for new and returning students looking to advance their entrepreneurial ventures through the Butler Venture Accelerator. The sixth year of the Summer Venture Program finished August 1, where we had 16 Babson businesses participating in SVP, a 10-week intensive experience designed to accelerate the development of their ventures. Check out where some SVP alumni are now.
We asked the 2014 SVP cohort what mistakes startups make. With so many entrepreneurs in the group from different industries, we were surprised that we could narrow down the list to five. Here are the top five common mistakes according to our entrepreneurs:
- Losing sight of the big picture
- Spending too much time on non-essential things and not following to a timeline
- Hiring the wrong people, such as friends/family because you like them
- Having a product before identifying the market, or making sales before having a product. Two should go hand-in-hand.
- Not taking action
If you are a Babson, Olin Engineering or Wellesley College entrepreneur that needs resources to move your venture forward, join us on Monday, September 8 or Wednesday, September 10 for our Accelerator info sessions.