[b]A large number of people who start their own business do not realize how much work and time will be involved. They fail to carry out any primary research and as a result become quickly overwhelmed.

Perhaps the first question to ask yourself then is whether you are in fact ready to start your own business. Do you have an entrepreneurial mindset? Are you committed to spend all the time you need to succeed? And are you ready to take massive action?

At first, you will have to wear many different hats; you will be the CEO, the general manager, the accountant, the salesperson, the computer technician, the secretary, the receptionist. You must therefore prepare yourself because there will be days when you are disappointed, depressed, or frustrated. You have to realize that success will not happen overnight. And it may take a year or two before you achieve your expected results.

To avoid these disappointments, here are ‘The 12 Most Common Mistakes New Entrepreneurs Make & How to Avoid Them':

[/b]Mistake # 1 – Failure to spend enough time researching the business idea to see if it’s viable

Numbers of new entrepreneurs have often failed because they were not truly interested in the business; they were more interested in making money. It is important to start something that you really like, because you will be spending a lot of time on it.

Your assignment – Spend all the time you need working on your business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), industry analysis (size, economics, trends, success factors, challenges, etc.), your marketing plan, your financial projections and sales.

Mistake # 2 – Failure to determine whether the business actually adds value

The most sustainable businesses, those that withstand the test of time, provide value by performing a service that people need.

Your assignment – Make sure your products or services provide value and benefit to your clients. Be ready to solve any business problems that your clients may have.

Mistake # 3 – Failure to gain a complete and total understanding of the business

Every business has drivers; hot buttons and key levers. What drivers exist in your business?

Many business leaders, executives and management consultants would say that success largely depends on attention to detail.

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