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10 Stupid Mistakes Made by the Newly Self-Employed

Having been a non-employee for about 14 years now, I’ve made my share of stupid business mistakes. I’ve also coached a number of people to start their own businesses, and I’ve seen many of them make similar mistakes. This advice is geared towards small business owners, particularly people who are just starting (or about to start) their own business. 1. Selling to the wrong people. While sales are important to the survival of any business, you don’t need to push your business on everyone you meet, including friends and family. Selling to the wrong people includes trying to sell to everyone. Just because someone is interested in doing business with you doesn’t mean you should accept. 2. Until you have a steady cashflow coming in, don’t spend your precious start-up cash unless it’s absolutely necessary. In 2004 I started this personal development business with only $9 cash even though I could have spent much more on it. 3. It’s also a mistake to be too stingy with your cash. 4. 5. 6. 7. 8.

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