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Special Focus
Startup Mistakes
New businesses have a better chance for success if they avoid these common pitfalls.
By Whitney Bina
N
ine out of ten startups fail, according to Forbes.com. Optimistic entrepreneurs often disregard this statistic when starting a new endeavor. Be the one that succeeds! Below are four common mistakes startups make and solutions to help you avoid them. MISTAKE: BEING UNPREPARED SOLUTION: Create a solid plan and do your research Every organization needs a plan. Prior to beginning the startup process, ensure you
have done proper research, John Fossum, CPA, BerganKDV, said. Create a business plan, research the industry and market, and identify your target audience. Establish relationships with attorneys, banks, tax advisors and financial advisors immediately. Create positive business connections with these entities in the very early planning stages. Melinda Tamm, owner, Ms. Melinda’s Dance Studio, echoes Fossum’s advice on pre-startup research. “Know the
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Business Central Magazine // N O V E M B E R / D E C E M B E R 2 0 1 6