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Wednesday, October 19, 2005

The 7 Sins Of A Bad, Bad Business

Ok Thanks Ross (Lambert from the for these tips on why Internet businesses fail.

Although I think they apply to any business on or off line.

Basically it comes down to the following:

1) Unrealistic Expectations - Immediate success is unlikely, so persevere.

2) Lack of focus - Find a niche and don't follow the latest fads

3) Chasing Rabbit Trails - don't try every technique going at the expense of your time

4) Isolation - get feedback, otherwise how do you know if you're meeting customer wants

5) Too much expense and overhead - run lean, but not so lean you can't take opportunities

6) Insufficient tracking - don't know what's happening? You're going down the tubes

7) Lack of Knowledge - invest in yourself and/or other experts in areas you don't know. Otherwise you can't run your business.

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