What are common mistakes of entrepreneurs you've witnessed over the last 40 years?

Question

William Sahlman · Answer

I've read, maybe, 10,000 business plans. I don't really know at this point. But I've only seen three companies actually meet their plan. And I think that's a pattern. I don't know about other people but-- so you're almost always overconfident. And without overconfidence, there's no parenting, there's no entrepreneurship. So I think what I've learned is you have to be able to form a relationship with your investors such that, if your tests are promising the things you've learned about customer product-market fit, then they will give you more money, even though you didn't accomplish what you said you were going to accomplish in your first slide deck or business plan. Apple missed by 60%-70% in the first year. Apple didn't think there was going to be a market for business computers and then somebody invents VisiCalc. The market for business personal computers explodes. So again, they could have said, you didn't do what you were promising. We hate you. We're going to take away the money. No, I've got faith that you're going to be able to figure this out. Don't run out of cash. Don't run out of trust.

Swimming

Strength

Triathlon

Photography

Track & Field

Nutrition

Physical Therapy

Running

Pets

Cycling

Podcasting

HealthCare

Musculoskeletal

Hockey

First Responders

Integrative Medicine

Chiropractic

Cross Country Skiing

Adaptive Sports

Mental Health

Surfing

Climbing

Tennis

Military

Mind Body

Scholars

Criminal Justice

Liquor

Golf

CrossFit

Soccer

Pickleball

Hunting

Public Speaking

Venture Capital

"What are common mistakes of entrepreneurs you've witnessed over the last 40 years?"