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15 costly mistakes startups make

February 9, 2014

Detroit is flush with startup help. But the statistics of business failure are still staggering. If there's one mistake Aubrey Agee, of Wayne State University's Blackstone LaunchPad accelerator, wishes entrepreneurs would stop making, it's this: fail to plan. "The strength and weakness of the entrepreneur is that they have this great idea that they are passionate about or they think they will make a whole lot of money on," he said. "But they get so focused on it that they lose sight on a lot of things. They don't do their homework; they don't understand competitors."