How to Go Out of Business
Posted by Petrice Gaskin at Apr. 08, 2008
Tom just posted a great entry over on Swift Kick Central: "How to Bankrupt a Startup."
Here's your no-fail plan for failure:
- hire a CEO who doesn't know anything about your business/industry.
- over engineer everything and build more than you need before launching and testing.
- worry about growing your site without considering how you are going to make money.
- spend a lot of resources building up your company infrastructure before starting.
- make your plan to have x employees by x time.
- never question your current business plan.
- don't check your growth against your cash flow.
- don't have enough cash.
- make sure everyone you talk to fills out a NDA and only talk to people who will fill out a NDA.
- don't make an exit plan.
- make raising investment money the main source of your revenue.
- don't start until you have all the money you need.
- follow every new fad on the web.
- micromanage everything.
- ignore the naysayers and continue to drink your own Kool Aid.
Here's your no-fail plan for failure:
- hire a CEO who doesn't know anything about your business/industry.
- over engineer everything and build more than you need before launching and testing.
- worry about growing your site without considering how you are going to make money.
- spend a lot of resources building up your company infrastructure before starting.
- make your plan to have x employees by x time.
- never question your current business plan.
- don't check your growth against your cash flow.
- don't have enough cash.
- make sure everyone you talk to fills out a NDA and only talk to people who will fill out a NDA.
- don't make an exit plan.
- make raising investment money the main source of your revenue.
- don't start until you have all the money you need.
- follow every new fad on the web.
- micromanage everything.
- ignore the naysayers and continue to drink your own Kool Aid.