9 common mistakes to avoid as a startup
At the University of Maryland Start-Up Boot Camp last week in College Park, Jim Chung, left, presented his list of common mistakes to avoid as a startup.
Chung is director of the MTech Venture Accelerator program at the university.
Here's his list (paraphrased):
*) You have technology that's looking for a solution (as opposed to tech that immediately solves an existing problem).
*) You make too many assumptions about market share you stand to gain (you engage in top-down assumptions vs. bottom-up validation and lack customer understanding).
*) You have a "nice to have" vs. a "need to have" solution.
*) Thinking: "We have no competition."
*) You have no clear revenue model or path to profitability.
*) Your team is incomplete.
*) You don't have any metrics to measure your progress.
*) Lack of focus.
*) Failure to address the risks head-on.
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