1. Allowing belief to override the business plan
Owning a business is not for the weak in spirit. You need a strong mind and heart to face the day-in and day-out work. In the early days of the dream, it’s easy to be so excited and enamored with the idea of “your” business that you fail to grind out a proper business model.
2. Listening to customers instead of spreadsheets
The lesson is, you’ll be tempted to set up your business in the way your customers say they want. And, sometimes that will be fine if it fits your model. Otherwise, trust your spreadsheets. Make sure the math works before giving in on every demand in hopes of making the sale.
3. Risking a family member’s retirement fund
unless your family members have the money to lose, don’t borrow against their retirement or savings. They may love you and want you to succeed, but losing their money will haunt you.
4. Miscalculating the time needed to launch
make sure to set your own grand opening inside a buffer zone. Plan to be ready 10 days ahead of “the” day and you just might open on time, without dread and anxiety.
5. Equating personal experience with business expertise
do not let your life experiences make you feel like you do not need business experts, make sure to consult them explicitly before diving into the business pool.