Whenever the global economy enters periods of uncertainty, people from all walks of life start thinking about opening their own businesses. It’s a natural human response to a risky job market, rising inflation, and political unrest. If you are one of those entrepreneurial types who is seriously considering starting a company from scratch, it makes sense to review a few of the most dangerous pitfalls that first-time owners encounter. Simply knowing what they are is often protection enough against the common traps that appear along the road to success. In no specific order, here are several obstacles that thousands of people face when attempting to unleash their creative spirit on the marketplace of ideas, goods, and services.
Not Researching the Competition
Far too many prospective owners spend little time doing in-depth research on their competition. Again, this mistake can be chalked up to human nature because it’s easy to spend hundreds of hours writing …