Her first project (Osoeco.com), which was based on the principle of healthy social shopping, was not successful and she later dissolved the company. Her second project (Reallead.com), which was related to the marketing of real estate through mobile phones, was sold in 2012. But she has co-founded several projects for the Eugene Area Chamber of Commerce, including projects such as (Smart-ups Pub Talks) and (the Southern Willamette Angel Network). Caroline believes that she should share her experiences, as she too has benefited from the guidance and training that has enabled her to be where she is today. “I believe that the secret of the entire universe lies in direction and direction,” Cummings says. She later created what she called “The Ten Reasons Why Early Starts Fail” in an effort to help young entrepreneurs avoid some of the mistakes she made or encountered along the way. We list them below:

1) Choosing the wrong work team:

What Jim Collins said in his book From Good to Better is absolutely true, he says: “Start with the wrong people, stick to the good team, and make sure you put them all in their place.”

2) To be the sole founder of the project:

It is important to find the right partner who has the qualities that you lack. Be honest with yourself and admit that you don’t have all the skills needed to get the job done.

3) To have a failed legal team:

Caroline admitted that the lack of sufficient experience with commercial laws in her previous staff was behind her failure. It advises entrepreneurs to ensure that their legal advisors have sufficient experience and that they should always be vigilant. Although she believes that one should always trust their instincts, she suggests some questions that you can ask your legal advisors before you start working with them:

  • Have they worked in the relevant sector before?
  • How much time do they need from you?
  • Do they have partners that you can turn to in case you need them and they are not around to help?
  • Do they have prior experience in providing project financing?
  • Did they ever create any tables of financial values?
  • Have they already collected compensation?
  • Do they have prior experience in protecting intellectual property?
  • Do they have prior experience in dealing with companies with a global reach?
  • Do they have experiences related to acquisitions and mergers, and subscription procedures?

4) Trying to achieve the impossible:

Are you trying to create a completely new concept? Do you have to educate consumers about the nature of your business? Will you be able to take advantage of some of the technologies available in the market? Is it possible to cooperate with other business companies?

5) Not talking to customers:

Many entrepreneurs prefer to keep their projects secret for fear of having their ideas stolen, or they may prefer not to start working until they are sure that it is free of impurities. However, Lean start methodology guided us to the successful Market Testing Policy (MVP) which enables us to select the successful product from scratch after we run some tests on it. Just as the service or product you want to market isn’t supposed to be perfect from the start, you can survey consumers, listen to their suggestions, and make necessary adjustments as you go. It is always helpful to take advantage of the advice they give.

6) Hesitate a lot before starting:

If you are too late to start, you may miss the opportunity, someone will beat you to the idea, or the appropriate season for what you want to put on the market may quickly pass. Try to take advantage of all the tools and information you have on your hands, for example, you can refer to (www.chic-ceo.com) or use some books such as (The art of the start).

7) Full commitment to the original idea:

While it is important to have a clear direction for your company, you have to be smart when it comes to a startup, circumstances may change and new opportunities may be on the horizon, and you have to be a little flexible.

8) Recourse only to financing:

When it comes to your need for money, do not rush to borrow from any party without checking the benefits that this money will bring to you. Try to get your funding from smart and experienced investors, they may also be willing to provide advice and guidance, and they may also help you get to know their acquaintances and benefit from their many relationships, and they may also show interest in your own project, which may contribute to its success.

9) Founder’s knot:

During its work, the institution may face Itis syndrome (Founder.itis), especially if its activities expand and the number of shareholders increases, which may create a kind of conflict between the newcomers and the employer, and the matter may be exacerbated if there is no clear and organized decision-making mechanism. The continuation of such disputes will negatively affect the performance of the project and may end in bankruptcy.

10) Spend a lot of money:

Many entrepreneurs believe that they can save more after a certain period of time has passed since starting the project, but this is not entirely true. The economy in spending is one of the advantages of any successful project. It is not necessary to spend without calculating on things that can be postponed.

These ten gems are the epitome of Caroline’s experience, and she is grateful for her past failures as she was able to turn her setbacks into successes. She is now sharing this experience with other business owners so that they do not fall into the same mistakes.