1. You don’t have a business plan. Use this one-page template to develop a roadmap for your business. If you can’t clearly answer all of these questions, you shouldn’t start your business.
2. Launching without proof that anyone wants your product or service. That’s right! You’re going to need to do research on the size of your market and get out there and test the real product or service with real potential customers.
3. Spending WAY too much money, too fast. You’ve heard of the term “bootstrapping”, right? It means spending the least money on your business as possible. You’ll need to direct every penny towards growing your business, not lavish lunches with friends.
4. Letting an unprofitable business stay in business. If you business doesn’t make money, pull the plug and stop your losses early. You can take this opportunity to reflect on what went wrong and develop a new strategy if you think it’s worth it.