How to Avoid Common Startup Mistakes

Richard Branson on How to Avoid Common Startup Mistakes: The most common mistake is understanding the relationship of failures to business owners. You cannot stop mistakes, but what is important for a business owner is fixing them quickly. Certain steps can be followed to help reduce mistakes such as 1) Formulate and innovative business plan. You need to nail down your elevator speech. Make it like you would a text that can only have 140 characters. Once you have that, expand it to no more than 500 characters. 2) Find funding -Keep expenses under control by not underestimating costs! 3) Hire the right people to carry out your plans -Make sure to hire the people you need, Not the people you like! 4) Step back from your role at the right time -Know when to say goodbye. Few entrepreneurs make good managers!