If you are an entrepreneur or thinking of becoming an entrepreneur, here is a great checklist of 10 common mistakes that you’ll want to avoid before you decide to start your own business.
- Thinking You Can Do It On Your Own — It’s very difficult to build a scalable business with just one person. Although some businesses such as website design, public relations, and other service-based businesses can survive individually, most businesses will need to ensure that they’re profitable enough to acquire hired help. To ensure that your business will be profitable, be sure to determine that your business has sufficient profit margins to bring in hired help.
- Asking For Too Many Opinions — Everyone has an opinion when it comes to a business and it’s easy to become confused or misled by so many differing opinions. To resolve that issue, build an “advisory board,” two or three people who
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“Many successful companies were formed during rocky economic times — Cisco comes to mind. A rocky economy should provide an excellent breeding ground for successful ventures.” — Jason Sullivan
Do you want to know of other companies that were started during a recession?
- General Motors
- General Electric
- Proctor & Gamble
- United Technologies
- Lexis Nexis
- Sports Illustrated
- Burger King
- Trader Joes
According to the history books, there’s never been a better time to start a business than now.