Are you about to live the American dream and finally pursue your passion? Well, before you take the leap of faith, quit your job, and embark on a creative career, there's a few things you need to know first. For many first-time entrepreneurs, the excitement of launching their own company can often eclipse the business fundamentals, which sadly can ruin the chance for any great ideas to successfully get off the ground. But before you click out and dismiss this as pessimistic, we urge you to scroll down and learn from Inc.com's most common mistakes so this doesn't happen to you too.
Mixing Friends With Business
It happens all too often: Two friends join forces and think their brotherhood or sisterhood will stand the test of a business arrangement. While it might sound like a great idea at the time, it very rarely works out. The "business and friendship don't mix" adage still stands. Don't risk a friendship over business; instead hire talent outside your social circle.
Launch Without a Business Plan
This is probably the most common business advice dished out, yet still, dishearteningly, it remains the most common mistake by first-time business founders. The "build it and they will come" philosophy just doesn't stand up in the 21st century; you need more than just a product or service. Really know who your target market is, then go out there and make connections with them.
Charging Personal Credit Cards With Business Expenses
According to Inc.com, experts say that "when you invest, only invest what you can afford to lose." If you don't, then your great idea will end up in a great deal of debt. We don't want to see you file for bankruptcy and potentially lose everything. If you're unsure, then seek professional financial advice and get it right from the start. Your ideas are worth the investment.
To read more common first-time entrepreneurial mistakes, visit Inc.com
The below office essentials will help you be more prepared for your first business venture.
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