Bringing a startup company to life is no easy task. Dozens of decisions loom large and time to work them may be limited as you still have your "day job"! A common mistake is going too far with a new business concept before consulting others with more startup experience. Your planned new venture may have critical flaws such as:
* lacking a large enough addressable market;
* requiring too much new capital to bring to market;
* failing to consider the competition, existing patents, pending legislation, or other considerations.
If your new business depends upon raising outside investment, there is much to consider and anticipate in seeking investment capital for your new venture. Can you envision investors sitting on your Board of Directors reviewing your progress with a critical eye? Perhaps you can "boot-strap" your business and not require any outside investment?
See the Startup Success Circle diagram below for a good checklist of areas your new business concept will need to address.
Steve Harari has been a key participant in forming over 20 startup companies - either as a founder, seed investor, board member, or early employee. He has seen just about every possible mistake and made some of them himself! Tap Steve's experience if you are considering starting a new business.