Sumolabs

Jerry Kaplan elaborates on the 5 biggest mistakes that entrepreneurs make:

1. Having unclear goals and an unclear mission.
2. Trying to prove that you are smart - very common in young entrepreneurs.
3. Greed - doing it for money, not raising enough money and not distributing the equity and widely as possible.
4. Hiring people that they like rather than people that they need "A company is not a social club."
5. Not knowing when to let go. "If you are a great start up CEO does not mean that you are a good CEO of a billion dollar company!" Have a realistic self assessment to know when to step aside.