These include e.g., the use of low-cost materials or the availability of the necessary components and infrastructure.
6. The company is managed by the wrong people
Many co-founders soon discover that they can't get along well. Others run away when their first strategy fails. When they stay, they lack the stamina to give the company their maximum effort everyday. Ask investors how they choose projects to invest in. They will tell you that the management team is as essential as the product.
7. Competitors do not want to give up
Many companies fail because their competition, which has offered similar products for a long time, proved to be stronger. Always be cautious about old, proven solutions.
8. The market develops in an unexpected direction
An entrepreneur must always think ahead and try to understand the complex patterns of his market. Of course, you cannot predict everything, but you can predict most of them.
9. Bad advisers give bad advice
Currently, there is a vast amount of information available for entrepreneurs on how to run successful businesses. However, the quality of the information is getting worse and worse. Therefore, be very cautious about this as well.
-Kk-
Article source Entrepreneur.com - website of a leading U.S. magazine for entrepreneurs