Cox Padmore Skolnik & Shakarchy LLP
866-716-3813 Blog Contact

Common, and not-so-common, mistakes for entrepreneurs to avoid

New entrepreneurs and small business owners alike may feel overwhelmed by the amount of information they receive concerning starting a business. This is why it is important for them to know how to focus on the most important aspects of starting and forming a business or, in some circumstances, focus on what to avoid. Startup mistakes could be costly, so it is important for entrepreneurs to thoroughly understand the steps involved in starting a business.

There is a lot of advice for entrepreneurs out there. Major ones include not fearing failure, not misunderstanding the market, not delaying their launch, making sure to consider marketing and sales when creating a product, setting aside a marketing budget, being conservative when it comes to office space and accommodations, to not be greedy, to develop a reasonable number to compensate themselves and to not hire employees too soon.

In addition, there are some important aspects of forming and starting a business that entrepreneurs should understand that can have a significant impact on the success of the business. Knowledge of the steps involved in starting a business and important business concepts will help entrepreneurs make confident and timely decisions.

Successful entrepreneurs should conduct due diligence in a number of areas, including researching the product, market, financing, investments, acquisitions and other similar areas. Moreover, it is imperative to develop a brand, which can include a logo as well as a deeper articulation of the business.

It is also important that entrepreneurs do not think that they have to do everything alone or that they know everything. While an entrepreneur may be an expert in their field or area, that expertise may understandably not extend to expertise in the area of forming a business.

Entrepreneurs should proceed through the process of forming a business with the confidence that knowledge of the process can bring and should also remember to memorialize agreements through the contract process because, although entrepreneurs may have a variety of important relationships involved in their business, they are business relationships.

In the end, it is critical for entrepreneurs not to listen to negativity or become too narrow minded. Entrepreneurs in the process of starting a business have a number of resources available to help them keep all the important considerations they encounter straight and sorted out to create a successful and bright future for their business.

Source: Business News Daily, "17 Startup Mistakes Every Entrepreneur Should Avoid," Brittany Helmrich, Nov. 3, 2014

No Comments

Leave a comment
Comment Information

Consult Our Skilled, Pragmatic Manhattan Commercial Litigation Attorneys

Tap To Request An Exploratory Consultation ยป

Entrepreneurial, Corporate and Individual Legal Services For Domestic And International Clients

To Request A Consultation By Phone, Call: 917-512-4332 (NY/NJ) | 917-512-4332 (CO) | 866-716-3813 (Toll Free)

New York Office
630 Third Avenue 19th Floor
New York, NY 10017

Toll Free: 866-716-3813
Phone: 917-512-4332
New York Office Map

Great Neck Office
98 Cutter Mill Road, Suite 310N
Great Neck, NY 11021

Toll Free: 866-716-3813
Phone: 917-512-4332
Great Neck Office Map

Hackensack Office
27 Warren Street, Suite 304
Hackensack, NJ 07601

Toll Free: 866-716-3813
Phone: 917-512-4332
Hackensack Office Map

Denver Office
1060 Humboldt Street
Denver, CO 80218

Toll Free: 866-716-3813
Phone: 917-512-4332
Denver Office Map