Top Ten Mistakes Made in Starting a Business

People fail in business because they make avoidable mistakes. Start-up entrepreneurs are possessed with enthusiasm and confidence but too often are unaware of potentially fatal business potholes that lie before them. All it takes is a single mistake, one false step, and a business can be history. Here are the top most commonly made mistakes:

1. Not picking the right business to begin with.
2. Inadequate prior experience in the business.
3. Quitting job security too soon, before adequate plans are laid
4. Not having a progressively updated written business plan.
5. Inadequate cash flow management (running out of money.)
6. Opening a business in the wrong location.
7. Inadequate protection in business documents including leases.
8. Failed partnerships.
9. Lack of selling and marketing know-how.
10. Expanding too rapidly before adequate testing.