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The Dirty Dozen of Common Mistakes

Hasty decisionsMany wrong decisions can be avoided if you sleep on them or get a different opinion.
Inadequate capitalizationDifferent industries have different capital requirements. Starting a company with too little capital is the number one mistake.
Bad locationA shop on the dirt road is certainly cheaper than on the main road, but can my target group find me there?
Business without an entityIn most states, securing a business license or registration is required to operate a business, but this process is different from incorporating or organizing a company. Unless you register for limited liability corporation (LLC), protection, the partners in the business can be held liable for anything bad that happens with relation to the business.
Annoying CustomersThere is no better advertising than a customer's recommendation.
Ignoring intellectual propertyIntellectual property (copyrights, trademarks, trade secrets, ..). If you don’t pay attention to yours, others can copy your business. If you don’t pay attention to others, they can sue you for infringing on their property.
Stuck on an ideaA business often develops in a different direction than expected. Do not insist on your original idea, follow the path of success.
PartnershipsOf course it is tempting if the risk is spread over several people, but so are the decisions and earnings. 2 partners in a 50/50 partnership can lead to serious decision problems.
Planning only for successA company does not always run smoothly. Secure your reserves to avoid becoming unable to act.
Understanding the industry, but not the marketWill others pay for my product or my service? Is there a market for my product? A bad cell phone manufacturer will still have an easier time than a high quality phone booth manufacturer.
Doing it all yourselfEven if a lot has become easier nowadays thanks to the internet, sometimes expensive mistakes can be avoided if you bring experts on board.
Counting chickens before they hatchNever celebrate, plan, or begin to take advantage of a potential positive future outcome before it has happened or been accomplished.