FIVE MISTAKES ENTREPRENEURS MAKE

After helping over 6,500 entrepreneurs from more than 42 countries we have encountered hundreds of different mistakes that entrepreneurs make, especially in the early stages of their startup. Here are the top picks for the mistakes entrepreneurs should avoid:

1. Assuming they can do it all on their own. Try to network and forge contacts with the types of people who can help your new business get off the ground. Try to find a mentor, and surround yourself with people who have the types of skills that you don't.

2. Being incapacitated by fear of "what if's". Being scared of failure and rejection is understandable, but letting yourself become incapacitated by this fear can significantly hinder your progress.

3. Giving yourself the wrong salary. Whatever you choose, make figuring out your pay – and that of your partners – a practice and foundation to healthy expectation of management.

4. Not creating a marketing plan. You need a detailed marketing strategy that encompasses the initial acquisition of users, the conversion of those users into paying customers, and making those customers so happy with your product that they help you get more users.

5. Don’t make a product for everyone. If you can’t articulate what you do in 20 seconds, you’ll confuse people. You can’t add value if you’re trying to add value everywhere.