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Business development tips from PWC: classic mistakes to avoid
Business experts from PricewaterhouseCoopers share their experience and advice on the common mistakes that too often lead to business failure:

There are an awful lot of mistakes. I mean, there are more companies that fail than companies that succeed. So you just need to ask all those companies that have failed, what mistakes they made. And it could be anything from the wrong product, not managing your cash and your business properly, trying to grow too fast, not foreseeing problems that might arise in the future, so not actually analyzing what the risks are in your business. Employing the wrong people. It can be very costly to employ the wrong people. And particularly more in Europe than in the US. But actually once you've employed people, it costs you a lot to get rid of them if they're not doing their job.

So there are a real variety and a raft of different reasons businesses fail. And just keeping on top of it, and keeping a grip, and understanding your business, and understanding what the risks are and why you might make money, is going to be key to whether or not you're a success or you fail.
 
Some of the classic mistakes I suppose, in the early stage, are either not giving enough of the ownership or the  opportunity to others who you are partnering with who you’ve got on board. And there are classic examples of almost giving away too much as well. So I think it’s about getting the balance right. Ii think in those initial negotiations around funding. You know, ultimately, if you’ve got 60% worth its 40%, if the pie gets big enough to share out, then really it should be driven on “how large can we actually make this business?”

I think one of the other areas is people often think that need to do it alone or they’re almost scared of giving away responsibility in some of the operations within the business. So to the extent that when the business is right for it, making sure that you get the right resource and skill set around you to support you and the business. But actually people can bring on board different skills and different facets which will enable the business to be a lot more robust going forward.
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