Decisions, DecisionsI dived into the world of entrepreneurship a few years back, and it's certainly been an interesting ride. Don't let anyone fool you -- business ownership requires a lot of hard work. No matter what you do, you're going to make mistakes in the beginning. However, once you get all the wrinkles ironed out, the benefits of self-employment are numerous.
In order to help you along your way, here are five typical mistakes entrepreneurs make, as well as some suggestions on how to avoid them:
- Not Doing Enough Research
One of the worst mistakes you can make as a first-time entrepreneur is not researching the industry or niche you want to penetrate. With the Internet, you have a world of resources at your fingertips, so take advantage of it. Several pieces of information you should keep an eye out for include current demand, competition, average startup costs, and when you can expect to become profitable. I conducted thorough research, and therefore went into business with my eyes wide open.