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Not So Fast!

Studies show many of you aren't looking before you leap.

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This story appears in the June 2003 issue of Entrepreneur. Subscribe »

This new column distills the best new academic research into strategies you can use today.

Entrepreneurs are often praised as visionaries. But vision alone isn't enough to ensure success. In the article "Biases, Misperceptions, and the Introduction of Pioneering Products," (Entrepreneurship Theory and Practice, Winter 2002) Susan Houghton and Mark Simon found that entrepreneurs evaluating new opportunities tend to overestimate demand, underestimate competition, and misjudge the need for more assets to make the opportunity a success.

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