We've discussed what can make or break startups in the past. One entrepreneur believes another thing to add onto the 'break' list is the fatal combination of business inexperience and an unproven business model. Here's why.
Creel Price thinks startups need a reality check. The entrepreneur has launched eight businesses, leaving his last one for $109 million. He is concerned that many people think startups are easy to run and is keen to dispel this misconception.
Price shared his insights with StartUp Smart, and one of the things he addressed was what he called "the perfect startup storm". That is, the lethal combination of somebody who has never been in business before (or are new to a particular industry) using a business model that has never been tried before with no proper sales and marketing plan.
According to StartUp Smart:
"Before launching into a venture, Price says that startups should consider these and take steps to fill in the gaps through personal development, training and collaborating with others."
You can find more advice from Price over at StartupSmart.
[Via StartUp Smart]