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The Top Ten Avoidable Mistakes Of Entrepreneurs: Bill Draper

Posted: 01/31/11 02:28 PM ET

Over the last fifty years, I have come across and worked with an array of entrepreneurs from a variety of industries, and I have noticed that there are certain preventable blunders that seem to crop up repeatedly.

To an extent, everybody has to reinvent the wheel and make his own mistakes, but I offer the following in the hope that at least some entrepreneurs will take some of these prescriptions to heart and maybe make their avoidable mistakes less costly.

From The Startup Game by William H. Draper, III. Copyright © 2011 by the author and reprinted by permission of Palgrave Macmillan, a division of Macmillan Publishers Limited.

1. Creating Overly Optimistic Projections About Market Size And Customer Acquisitions
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Do your homework in terms of market research. Don't blur the line between the number of potential customers who might possibly buy your product and the number who actually will. Don't overlay an arbitrary percentage on the largest possible customer base when estimating potential market share. In three words: know your customer.

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