4. Lack of expertise
Humility is a valuable trait for an entrepreneur to have, Nelson said.
“It’s more common than not to have obstacles,” Nelson said. “People doing it the first time don’t know what the obstacles are and don’t have the funds to pay someone who is experienced. So they go through it themselves. And that’s where it’s easy to get tripped up.”
Finding a consultant or organization that has that experience, such as Nelson’s Evergreen Medical Technologies, is important.
“I don’t have proof, but I think it expands the chances of success dramatically,” Nelson said.