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1 Minn. J. Bus. Law & Entrep. 2 (2002)
Ten Common Mistakes of Entrepreneurs

handle is hein.journals/minjbule1 and id is 4 raw text is: Ten Common Mistakes of Entrepreneurs EDWARD S. ADAMS BOB KOMMERSTAD The Question of Failure What if I fail? That is undoubtedly the biggest question on your mind as you establish your own business. As an entrepreneur, you are excited about your new business venture. You also know the possibility of failure looms. Given the time, money and effort that it takes to start a business, not to mention the high rates of small business failure, it is a wonder that anyone ventures out on their own. It is monumentally challenging to convince prospective investors and lenders that your idea is worthy of the risk they will take while you have your own questions about the business' viability. Despite these obstacles, you, like most entrepreneurs, will have no problem developing your business, getting excited about its prospects, and sharing your excitement with others. Like many entrepreneurs you may establish your company with the best of al[ worlds in mind and fail to consider what will happen when the worst of all worlds happens. An old maxim warns: when you fail to plan, you plan to fail. The remedy? Spend adequate time thinking through the business in advance. The risks attendant to starting your own business can be minimized by analyzing mistakes made by other entrepreneurs and avoiding them. The more time you spend minimizing risk, the happier you and your investors will be. Avoiding ten mistakes made by budding and seasoned entrepreneurs alike will put you far ahead in the game. At the root of most of these mistakes is a lack of planning and a failure to check with reality. When you start out, you may operate in a state of euphoria. * Edward S. Adams is the Howard E. Buhse Professor of Finance and Law and the Co- Director of the Kommerstad Center for Business Law and Entrepreneurship at the University of Minnesota Law School where he specializes in entrepreneurship, corporate law, corporate finance, secured transactions, commercial paper, and bankruptcy. ** Mr. Kommerstad is a founder and Senior Chairman of Provident Investment Counsel in Pasadena, California; an alumnus of the University of Minnesota Law School; current president of its Board of Trustees; and the benefactor of the Law School's Kommerstad Center for Business Law and Entrepreneurship. Note: As a matter of editorial policy, consecutive citations to a source in an article have been eliminated. Readers may assume references are to immediately preceding cited source until the context indicates otherwise. ©2002 by the Regents of the University of Minnesota

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