1. Jumping in without first testing the waters, there is nothing wrong with stepping out on faith but to be unprepared with lack of experience and knowledge about the industry or market is a losing combination.
2. Underestimating how much time it takes to build a successful market for your product or service.
3. Overpricing or underpricing goods or services.
4. Starting a business with not enough investment money to build up your business and keep it operating while you build up the demand from your target market.
5. Not allowing yourself some financial wiggle room or cushion to ease the sting of setbacks and unexpected business or personal expenses.
6. Taking with you undisciplined money spending habits into your business environment.
7. Taking advantage of the liberty that working for oneself gives you, by being lazy, taking too many days off, leads to being unproductive and that leads to being less innovative and current.