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Marvin Meyer Syto3xs06fu Unsplash

So, you’ve decided to start your own business. You really believe in your idea and your ability to turn it into a successful company from the ground up. There’s nothing that can stop you, right?

Unfortunately, there are plenty of factors that can affect your new business and some of them can be hard to come back from. Being adequately prepared for the most common pitfalls can be the difference between soaring success and crushing failure. There is no ultimate formula for guaranteed success, but you should be trying to remove as many risk factors as possible to increase the chance of your dream becoming a reality.

Getting Advice From the Wrong Places

If you’re a first-time business owner, you’re probably seeking as much advice as possible. That’s a good practice, but you need to evaluate the source of that advice and really consider it before implementing it into your business plan. There’s a lot of advice out there, but the bulk of it is wrong or simply doesn’t apply to your situation. Ensure that you’re seeking advice from sources that you trust.

Hiring an Inadequate Team

Hiring is a difficult and delicate process, and especially so for new companies. Your initial team can make or break your company, so you need to be careful to hire experienced professionals who are skilled in areas that will benefit your startup. Too many first-time founders have been dazzled by a flashy reference or time spent at a big-name company without evaluating the candidate’s practical skill and experience.

Burning Out

As a first-time founder, you’re going to feel a huge amount of pressure to ensure that your company succeeds. It can be tempting to put every waking hour into your startup, but you need to ensure that your mental health is taken care of or you’re going to lose a lot of your edge. Having outside interests and a good support system can help you handle the inevitable hardships that will befall your company without letting them devolve into crises.