4 Costly Mistakes Business Start-ups Should Avoid

"Entrepreneurs are risk takers, willing to roll the dice with their money or reputation on the line in support of an idea or enterprise. They willingly assume responsibility for the success or failure of a venture and are answerable for all its facets." – Victor Kiam
Yes, entrepreneurs should take risks and assume responsibility for their actions - but some risks are not worth taking! If anything, they make you look like a fool who cannot rationally see beyond their zeal. Time and money are important resources that those who want to start businesses must invest well. Before you start a business, here are four mistakes you should avoid at all costs, unless you are a fool!

1. Rushing to incorporate business: Its good to incorporate your business and have the proper legal documentation to show for it. Do not however rush into it. Take your time and get everything right. You don't want to incorporate and three months later you feel your business name or your business profile does not really capture what you do.
2. Failure to do market research: Now that is utter folly! Before you start your business, ensure that you have fully researched the market. Don't be blinded by your ambition or a few good comments from friends and relatives. Know what the market wants by going to it and finding out how. Sometimes you might be right that people need a certain product or service. You however realize later that although they need it, they want it packaged in a certain way!
3. Not marketing themselves: Ok, now you have a business. You have what people need. You have even packaged it well for them. Problem is, nobody is buying anything from you! Where is the problem? You have not done your marketing right! It is important to ensure you reach the targeted market with messages that inspire in them the need to buy from you.Use the internet and especially social networking sites to connect to your target market.
4. Spending too much money on unnecessary things: Come on, you have just set up shop somewhere...why do you want to spend your little money on decorations, furniture, lawyers and so many other things that can wait? Just get what you really need and you'll be good to go.

I hope this helps. My assumption is that before you start your business, you have a well written business plan to guide you. If you don't, then that is your biggest mistake and worst undoing! 

To your success!