A Poor Business Plan
A surprising number of businesses fail simply because they fail to produce a meaningful business plan.
Your choice of industry directly affects your outcome. It’s better to be an idiot in an intelligent industry than intelligent in an idiot industry.
The Problem-Less Solution
Starting with the solution instead of the actual problem is a real problem. No problems to be solved equals no profits to be gained.
Who knows the cliché “timing is everything”? Like most clichés, this one is true. Understanding your industry gives you great timing insight.
Entrepreneurs have a tendency to think “too big” in the early stages of a startup, but many startups fail because the founders think too small too soon.