For many people, starting their own business is a dream come true. But too many entrepreneurs see their dreams fall apart – their firms fail because of common pitfalls that could have been avoided.
One-third of small businesses fail in the first two years, according to the Small Business Administration, and a little more than half fail within the first five years.
this quick test.
But that doesn’t mean you have to give up your dream. Here are five common mistakes to avoid, so you can build a successful business.
- Too little cash
- Thinking small
- Skimping on tech
- Underestimating the importance of sales
- Losing focus