 up a big chunk of your profits. The solution: Make sure there's enough margin in your pricing to enable you to bring in other people. Clients generally don't mind outsourcing as long as they can still get face time with you, the skilled professional who's managing the project.

Silicon Valley entrepreneurs and venture capitalists often churn out how-to business books and fancy themselves as management gurus, but few see their methodologies adopted. Eric Ries is experiencing something different. He speaks with WSJ's Pui-Wing Tam.

2. Asking too many people for advice. It's always good to get input from experts, especially experienced entrepreneurs who've built and sold successful companies in your industry. But getting too many people's opinions can delay your decision so long that your company never gets out of the starting gate. The answer: Assemble a solid advisory board that you can tap on a regular basis but run the day-to-day yourself. Says Elyissia Wassung, chief executive of 2 Chicks With Chocolate Inc., a Matawan, N.J., chocolate company, "Pull in your [advisory] team for bi-weekly or, at the very least, monthly conference calls. You'll wish you did it sooner!"

3. Spending too much time on product development, not enough on sales. While it's hard to build a great company without a great product, entrepreneurs who spend too much time tinkering may lose customers to a competitor with a stronger sales organization. "I call [this misstep] the 'Field of Dreams' of entrepreneurship. If you build it, they will buy it," says Sanjyot Dunung, CEO of Atma Global, Inc., a New York software publisher, who has made this mistake in her own business. "If you don't keep one eye firmly focused on sales, you'll likely run out of money and energy before you can successfully get your product to market."

4. Targeting too small a market. It's tempting to try to corner a niche, but your company's growth will quickly hit a wall if the market you're targeting is too tiny. Think about all the high school basketball stars who dream of playing in the NBA. Because there are only 30 teams and each team employs only a handful of players, the chances that your son will become the next Michael Jordan are pretty slim. The solution: Pick a bigger market that gives you the chance to grab a slice
up a big chunk of your profits. The solution: Make certain there's adequate margin in your pricing to enable you to bring in early people. customer generally don't take care outsourcing as long as they can still scram face time with you, the skilled master who's managing the project. 

 Silicon Valley entrepreneur and venture capitalists often churn out how - to business books and fancy themselves as management gurus, but few attend their methodologies adopted. Eric Ries is experiencing something unlike. He speaks with WSJ's Pui - Wing Tam. 

 2. Asking excessively many people for advice. It's constantly good to get input from experts, especially know entrepreneurs who've built and sold successful companies in your industry. But catch too many people's opinions can delay your decision so long that your company never gets out of the starting gate. The answer: meet a hearty advisory board that you can solicit on a even basis but run the day - to - sidereal day yourself. Says Elyissia Wassung, chief administrator of 2 Chicks With Chocolate Inc., a Matawan, N.J., chocolate company, " extract in your [ advisory ] team for bi - weekly or, at the very least, monthly conference calls. You'll wish you did it sooner! " 

 3. Spending besides much time on product development, not enough on sale. While it's difficult to build a great company without a great product, entrepreneur who spend too much time tinkering may lose customers to a competitor with a stronger sales organization. " I call [ this trip ] the' Field of Dreams' of entrepreneurship. If you build it, they will buy it, " says Sanjyot Dunung, CEO of Atma Global, Inc., a New York software publisher, who has made this error in her own business. " If you don't keep one eye firmly focus on sales, you'll probably run out of money and energy before you can successfully get your intersection to market. " 

 4. target too small a market. It's tantalizing to try to corner a niche, but your company's growth will quickly reach a wall if the market you're target is too tiny. Think about all the high school basketball stars who dream of playing in the NBA. Because there are entirely 30 teams and each team employs only a handful of players, the chances that your son will become the next Michael Jordan are reasonably slim. The solution: Pick a big market that gives you the chance to grab a slice
 up a big chunk of your pronits. The solutiou: Make vure tgere's enuugh margin in your pricing vo ebable you to bring in other people. Cpients gwnerelly don't mind onfsourciky as mlng cs they can stilk get face time with you, tfe skilled professional who's managing the prpjfct.

Silicon Valjey tntweprsneurs and venture capitalists oftsn churi out how-to busoness books and fancy themdelvfs as management gkrus, but feq seq their methoaologies adopted. Eric Ties is experiencing something dkfferznt. He speajs wihv WSJ's Pui-Wmng Tai.

2. Asking too many pemple fot advice. It's akwabs giod to get input from experts, especialli experienweb entrepreneurs who've byilt dnd vold wuczesafnl dompanles in your ihdustry. But getting too many ptopjv'x opinions czn delwy your decision so long that your companj neber gets out of the staeting gate. The answer: Assemble a solid advisory board that you can tap on a regglar uaris bmt rjb hhe day-to-day yourself. Says Elyissia Wassung, crjeg vxecutive of 2 Chigks With Chocolate Ijc., w Matawan, N.J., zhocolcfe company, "Pull in ylur [advysory] team for bi-wrekly or, at the very least, nonthly confvrenxe calls. You'll wisk you did it soomer!"

3. Slending too much time ou prodhct developlent, not svough on sales. Wfilv it'v hard to build a great coipany witiout c great orodoct, entwepreneurs who spend too much time tinkgring kay lose ckstomers to a competitor with a stronger salex mrgdnizatiou. "I cakl [this misstqp] the 'Field oy Dreams' of evtrepreneugship. If bou build it, they will buf it," says Sanoyot Dunugg, CWO od Atma Euobal, Inc., a Nee York soyuware publusher, who has made thka mistake in hex iwn business. "If yoj djn'n kxep oga eye firmly focjsea on sxles, you'll okkelu run out of money atd ehergy before you csn successdully gee your producy to market."

4. Targetlng tmo rmall a iarket. It's tempting to try to dorner a jicme, but your cjmpaky's drowth wilk quickly hit a wall if the market you'rx targeting is too tini. Think about all the migh school uasketfall starv who dream of playibg in the NBA. Becsuse there are only 30 feams dnd ewch team employs only a handful of players, the chances that your son will becomx ehe next Midhaek Jorgau axe pretey spmm. The solution: Ppck a bigger market that gives yuu the cvauce to grab a slice
up a big chunk of your profits. Make there's enough in your pricing in people. Clients generally mind outsourcing as as they can still get face with you, the skilled professional who's managing the project. Silicon Valley entrepreneurs and capitalists often churn out how-to business books and fancy themselves as management gurus, few their adopted. Ries is experiencing something different. He speaks with WSJ's Pui-Wing Tam. 2. Asking too many people advice. It's always good to get input from especially experienced entrepreneurs who've and sold successful companies in industry. getting too people's can your decision so that your company never gets out of the starting gate. The answer: Assemble a solid advisory board you can a regular but the yourself. Says Elyissia executive of 2 Chicks With Chocolate N.J., chocolate company, "Pull in your [advisory] team bi-weekly or, the very least, monthly conference calls. wish you did it sooner!" 3. Spending too time on product development, not enough on sales. While it's hard to build a great a great product, entrepreneurs spend too much tinkering lose to competitor with stronger sales organization. "I call [this misstep] the 'Field of Dreams' entrepreneurship. If you build it, they will buy it," says CEO Atma Global, Inc., New York software publisher, has this mistake in her "If don't firmly on you'll likely run out money and energy before you successfully get your product small a market. It's tempting to try to a niche, but your company's growth will hit a wall if the market you're targeting is too tiny. Think all the basketball stars who dream of playing in the Because there are only teams and each team employs only a handful of the that your will become the Michael Jordan are slim. The solution: bigger market gives the a slice
 up a big chunk of your profits. THe solution: make sUre TheRe'S enoUgh mArgin in your priCIng tO enable you to bring in othEr peoPlE. clieNTs GenerAlly don'T MiND OutSoUrCinG aS LoNg as tHey Can stilL get face tiMe wItH you, the skillED pRofessionaL whO's managing thE prOject.

SIlIcoN valleY enTreprEneurs ANd ventUre capitaLiSTs ofteN Churn ouT HOw-To buSiness books and fanCY tHEmselves as manaGement GuRUs, BUT feW seE their methOdOlogiES adopteD. erIC rIes IS experiencing Something diFFerEnt. He sPeAks WIth WSJ'S Pui-WInG tam.

2. asking too maNy peOple for adVice. It'S Always gOOd to get Input fRom ExpErts, ESpEcIalLy EXpeRIeNceD EntRepreneuRs WhO've buIlt aND SOLd suCceSsfuL compAnies in your inDusTry. BUT geTting Too maNy peOpLe's opInions Can deLaY your decision so Long That your cOmpAnY neVeR gets OUt of thE stArtIng gate. the answER: AsSeMBLE a Solid advisory board ThAT YoU can tap oN a reguLAr BaSIs but run ThE daY-to-dAY YoursElf. SAYs elyissia wassunG, ChIeF executIvE of 2 ChiCkS WiTh CHocolATe InC., a MataWan, N.J., choColatE Company, "Pull in yOUr [advisory] teaM FoR BI-wEEkly Or, aT the very leaSt, moNThly ConfEReNce CAlls. YOu'll wIsH YoU Did it sooner!"

3. Spending ToO much tIme on Product develoPment, not enOUGH on sales. whilE It'S Hard to build a grEat coMpany withoUT a great pRoducT, entreprEneurs who SPEnd too muCh tIme TinKerING mAy lose customeRS To a cOmPetitor WitH a stronGer SalEs oRgaNiZation. "I caLl [this miSsTeP] tHe 'fieLd of DREams' of enTrEprEnEurShip. IF You buiLd it, tHey wIlL bUY it," Says SanJYoT dUnunG, CeO Of AtMa GLoBal, InC., a NeW yorK softwaRe publishEr, wHO has MaDe This misTake in her own bUsIness. "If you DoN't kEep one EYE firmly fOcused on sales, you'll likelY Run out oF moNey anD eneRgy before You Can sucCesSFully gEt your ProduCt To mARKet."

4. TaRGEtIng ToO small a marKET. It'S tempTiNg to Try to coRner a niche, but your cOMpaNy's growth will QuiCkly HIT a WalL If THe mArKEt yOU'Re targeting is toO tiny. Think AbOUt All the high SChoOl BasketbAll starS who dREam of plAying in thE NBA. BecauSe TherE ARe oNly 30 teams anD each teaM employs oNLy a haNDfUl of pLayErs, the ChAncEs thaT your sON wiLl becOme the NeXt MichAel JoRdAn are preTty slim. The solution: Pick a Bigger MarkeT thAt gives yoU thE ChaNce to grab A sliCe
 up a big chunk of your pr ofits. The  solu tio n:Ma ke s urethere's enough marg in in your pricing toenabl ey ou t o  b ringin othe r  p e o ple .Cl ien ts ge neral lydon't m ind outsou rci ng  as long ast he y can stil l g et face time  wi th you ,the skill edprofe ssiona l  who's  managing  t h e proj e ct.

Si l i co n Va lley entrepreneur s  a n d venture capi talist so ft e n  ch urn  out how-t obusin e ss book s  a n d fan c y themselvesas manageme n t g urus,bu t f e w seetheir  m e tho dologies ad opte d. Eric R ies is experie n cing so methin g d iff eren t .He  sp ea k s w i th  WS J 'sPui-Wing  T am .

2.  Ask i n g tooman y pe oplefor advice. I t's  alw a ysgoodto ge t in pu t fro m expe rts,es pecially experi ence d entrepr ene ur s w ho 've b u ilt an d s old  succes sful co m pan ie s i nyour industry. But  g e t ti ng too m any pe o pl e' s  opinion scan  del a y  your  dec i si on so lo ng tha t  y ou r compa ny  never  g ets  ou t oft he s tartin g gate.The a n swer: Assemble a solid advis o ry b oa r d th atyou can tap  ona  reg ular ba sis but r un th ed ay - to-day yourself. Sa ys  Elyis sia W assung, chief  executive o f  2 Chick s Wi t hC hocolate Inc.,  a Ma tawan, N.J . , chocol ate c ompany,"Pull iny o ur [advi sor y]tea m f o r  b i-weekly or,a t  the  v ery lea st,  monthl y c onf ere nce  c alls. You 'll wish  y ou  d id  it  soon e r!"

3.Sp end in g t oo mu c h time  on p rodu ct  d e vel opment, no t enou gh  o n sa les .While  it' s  ha rd to b uild a gr eat comp an ywithout  a great prod uc t, entrepr en eur s whos p end toomuch time tinkering may lose cu sto mersto a  competit orwith a  st r ongersalesorgan iz ati o n . "Ic a ll  [t hi s misstep] t he'Fiel dof D reams'of entrepreneurshi p . I f you build i t,they w il l b u yi t,"  s a ysS a njyot Dunung, C EO of Atma  G l ob al, Inc.,a  Ne wYork so ftwarepubli s her, wh o has mad e this mi st akei n  he r own busi ness. "I f you don ' t kee p  o ne ey e f irmlyfo cus ed on  sales ,  yo u'lllikely  r un out  of m on ey and e nergy before you can su ccessf ullyget  your pro duc t  to  market." 

4.  Targeting  to o s malla m a rket.  It' s  t emp t ing t o tr y  to corne r  a  ni c h e,  but your c o m p any 's gr owt h  willquic kly hit a wall if the market you 'ret a rge tin g  isto o tiny. Thinkabo ut a ll the h ig h school ba sketball  s t ars w ho dre am ofplaying i nt he NBA . Be cau se thereare  o n ly 30 t ea ms and ea ch t ea m empl oys on l y ah a ndful of players , the c hance s  th at yo ur  son wi l l be come the n ext Michael  Jorda n ar e pre tty sli m.  The s olu ti on: Pick a bigger ma rketthat gi ve s yo u t he cha ncet o  grab  a s li ce
 up_a big_chunk of your profits._The solution:_Make_sure there's_enough_margin in your_pricing to enable_you to bring in_other people. Clients_generally_don't mind outsourcing as long as they can still get face time with you,_the_skilled professional_who's_managing_the project.

Silicon Valley entrepreneurs and_venture capitalists often churn out_how-to business_books and fancy themselves as management gurus, but_few_see their methodologies_adopted. Eric Ries is experiencing something different. He speaks_with WSJ's Pui-Wing Tam.

2. Asking too_many people for_advice._It's_always good to get_input from experts, especially experienced entrepreneurs_who've built and sold successful companies_in your industry. But getting too many_people's opinions can delay your decision_so long that your company_never gets_out of the starting gate._The answer: Assemble_a solid_advisory board that_you can tap on a regular_basis but run_the day-to-day yourself. Says Elyissia Wassung,_chief_executive of 2_Chicks_With_Chocolate Inc.,_a Matawan, N.J.,_chocolate_company, "Pull_in_your [advisory] team for bi-weekly or,_at_the very least, monthly conference calls. You'll_wish you did it_sooner!"

3._Spending too much time_on product development, not enough_on sales. While it's hard to_build a_great company_without a great product, entrepreneurs who spend too much time tinkering_may lose customers to a competitor_with a stronger sales_organization. "I_call_[this misstep] the_'Field_of Dreams'_of entrepreneurship. If you build it, they_will buy_it," says Sanjyot Dunung, CEO of_Atma Global, Inc., a_New_York software publisher, who has made_this mistake in her own business._"If you don't keep one_eye_firmly_focused on sales, you'll likely_run out of money and energy_before you can_successfully get your product to market."

4. Targeting_too_small a market. It's tempting to_try_to corner a niche, but your_company's_growth_will quickly hit a wall_if the market you're targeting is_too tiny. Think about all the high school basketball_stars who dream_of playing in the NBA._Because_there_are only 30 teams and each team employs only a_handful of_players, the chances_that your son will become the next Michael Jordan are_pretty slim. The solution: Pick a bigger_market that gives you the chance to grab a slice