Launching a business in midlife can be fulfilling and lucrative, but too many first-time entrepreneurs make big mistakes in the process. It’s no wonder that 80 percent of new companies fail in the first three years.

¤MISTAKE NO. 1:

Not having a “why” that’s bigger than your “but”. You must have personal clarity around the “why” of your business before starting it — the reason for pursuing this dream. Otherwise, you’ll likely be stymied by excuses for not forging ahead — the “yeah, buts” (such as yeah, but I’m not sure how to do this) and will find yourself giving up before achieving success.

Your vision for your enterprise needs to burn brightly in your mind and tug at your gut. If it does, you’ll then be able to view pesky startup problems as minor irritations.

¤MISTAKE NO. 2:

Assuming banks will lend you money. Since the success rate for new businesses is low, many banks are reluctant to back new ventures. They’ve become especially restrictive on lending since the financial meltdown.

Typically, the only way you’ll be able to get a loan for your enterprise is by pledging as collateral the equity in your house or your investments or other assets. If your business fails, however, the bank will own the collateral.

https://corpa.ng/mistakes-avoid-starting-business/