What are the Biggest mistakes new Business Owners make?

[The American Dream]

What are the Biggest mistakes new Business Owners make?

[Dailymails]

Not doing market research. Just because you have a great idea doesn't mean you have a business. The Hollywood belief that "If you build it, they will come" does not apply here. Taking a business idea to an informal focus group of friends and colleagues is a good start.

Thinking that business plans are only for the big guys.
It's a sad fact that many new business owners don't see this obvious relationship between planning and success. They think they can "wing it" and make their plans as they go along. Some feel that a business plan would limit their creativity or spontaneity, or that their business isn't large enough or complex enough to warrant a plan. Every business can benefit from a business plan, no matter what size it is. The process of making a plan organizes your thinking and helps you sort out your priorities.

Thinking you can do it all by yourself.
Working solo is not working alone. Success depends on developing and using a network of colleagues, friends, mentors and professionals that can provide advice, assistance and direction in tough times.

Thinking that success will come quickly or easily.
There are a lot of myths bound up with the concept of starting a business. Success takes long hours, strategic planning, and a commitment to the work involved. The rewards are great, but the effort is, too.

[Still Waters]

Lack of fiscal discipline is the #1 mistake small businesses make in year one. Entrepreneurs do not manage their households with a budget and then they do not manage their businesses with one. They should ask themselves Why, three times before making any purchase for the business. On top of that they do not manage their businesses with up-to-date financial information. By the 15th of each month they should have a cash flow statement, P&L and balance sheet that will show them what they need to adjust in the business. Using financial statements in conjunction with their business plan should help them have a better plan of attack to run their businesses and survive the first year.