Failing to Conduct Proper Market Research

One of the biggest mistakes entrepreneurs make is diving headfirst into a business idea without conducting proper market research. It can lead to building a product or offering a service that no one wants or needs. Before investing time and money into your idea, take the time to research your target market, competitors, and industry trends.

Cash flow is the lifeblood of any business. Without it, even the most promising startups can fail. To avoid this, Chris Salis recommends creating a detailed financial plan that considers all your expenses and revenue streams. This plan should include a forecast for the first few years of your business and should be regularly reviewed and updated.