People who start businesses tend to focus on the bright side of things, a quality that helps when things are looking bad. Just don't forget to keep your eyes peeled for these signs of a doomed business:
- No business plan.
- No board of advisors.
- Insufficient capital.
- No exit strategy.
- Nothing backing up the hype.
- Personality conflicts.
- All offense, no defense (such as establishing a limited liability entity, obtaining adequate business insurance and forming contracts to protect yourself in customer, supplier and vendor relationships).
Excerpted from Entrepreneur magazine, August 2001