The above was the title of a recent article in the Wall Street Journal that I thought was potentially relevant for future Spoke Fund® managers. According to the author, these were the top ten mistakes:
1. Going it alone.
2. Asking too many people for advice.
3. Spending too much time on product development, not enough on sales.
4. Targeting too small a market.
5. Entering a market with no distribution partner.
6. Overpaying for customers.
7. Raising too little capital.
8. Raising too much capital.
9. Not having a business plan.
10. Over-thinking your business plan.
All good things to think about, even though I might mildly disagree with a few, and add a few others when it comes to Spoke Funds. Do read the whole article for much more on each bullet above. Anything else that should be added?