6 Pitfalls of Entrepreneurship

Starting a business is not easy, it’s tricky and difficult. You need to know every aspect; you should know what to avoid and what are worthy of the risk. A lot of you may be going through pitfalls and are not sure why.

Here are the six (6) Pitfalls of Entrepreneurship that will help and guide you in your business growth.

1. You don’t have a business plan laid out for yourself. You’re not creating that road map that’s going to cover all your business needs, or you’re not updating your business plan with any new market trend changes.

2. Legalities. You’re not forming your business properly. If you are an LLC (Limited Liability Company) or maybe you have to switch to EST Corp, you’re not doing that in the proper way and you’re losing out on tax benefits because of that. Or maybe you’re doing your business as a DBA, there are so many liabilities in that and you need to check them.

3. Your contracts aren’t in order; you don’t have your marketing in order; you are working with people that you don’t have business working with; you’re making assumptions on the industry that you have not tested and you don’t have a credible source.

4. You don’t have your accounting together. You haven’t gotten your Quickbooks or whatever accounting method connected to your payment method together. You’re not keeping financial track. You’re also co-mingling funds (ex. you’re getting your nails and your hair done off the business money).

5. You are not adapting to what the market is doing. You’re not making those quick decisions to guide you to that next level.

6. You’re insecure. You’re in fear and you have a lot of doubts on what you are doing. You’re not preparing yourself in the proper manner so that you can have the confidence to run with the dream that has been provided for you.
Always remember you are the one responsible for your own success.

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