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9 traps that most new entrepreneurs fall into

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It’s no secret that first-time entrepreneurs are the most likely to fail. Also, according to Erasmus for Young Entrepreneurs, a European exchange program for business owners, first-time entrepreneurs make over 60 percent of business license applications. According to longtime Marketplace host, Marty Goldensohn, this boom began in the 1980s. In the ‘80s, over 700,000 new ventures were launched each year.

As a young entrepreneur, there are several pitfalls to avoid if you hope to make it off the ground. In this post, I would like to go over nine of them.

Read more here: http://buildgrowscale.com/9-traps-that-most-new-entrepreneurs-fall-into/

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9 traps that most new entrepreneurs fall into

  1. 1. 9 Traps that Most New Entrepreneurs Fall Into
  2. 2. It’s no secret that first-time entrepreneurs are the most likely to fail. Also, according to Erasmus for Young Entrepreneurs, a European exchange program for business owners, first-time entrepreneurs make over 60 percent of business license applications. According to longtime Marketplace host, Marty Goldensohn, this boom began in the 1980s. In the ‘80s, over 700,000 new ventures were launched each year. As a young entrepreneur, there are several pitfalls to avoid if you hope to make it off the ground. In this post, I would like to go over nine of them. 1. Casually picking a co-founder. A business partnership is a union of two entrepreneurial minds. Choose your partner carefully. Once the legalese flies, extraditing yourself form the arrangement is costly. For many, pursuing a partner is one of the first things they do after striking upon their brilliant product idea. Here are a few questions to consider before tying the knot with that special someone: What do you need from a business partner?  What is your prospective partner’s financial situation?  Is your potential partner’s commitment level on par with yours?  If your venture fails, does your partner stand to lose as much as you do?  What does your potential partner offer in terms of time, energy and money?  Does your potential partner have any ongoing issues in their personal life that might make your venture secondary?  What questions might your potential partner have for you?  How would your potential partner handle a stressful situation?  What is your potential partner’s standing in the community?  Does your potential partner have an established online presence? What is their online reputation?  Is your potential partner willing to put their proposed contribution in writing?  Do you really need a partner?
  3. 3.  What happens if you hit a snag you can’t get beyond? How and when do you “divorce?” Read more here: http://buildgrowscale.com/9-traps-that-most-new- entrepreneurs-fall-into/

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