Mistake No. 5: Trademark without homework

An entrepreneur must do detailed research and inquiry before filing for patents or registration trademark. “If you think a quick Internet search or cursory look at the U.S. Patent and Trademark Office database is all you need before filing for a trademark, think again. You don't want to invest in a brand only to learn someone else came up with it first,” says lawyer Frank A. Natoli, founder of New York-based law firm Natoli-Lapin LLC.

How to avoid it: Research should be done in various level including Patent and Trademark Office and Yellow Pages. A visit to the authority that deals with intellectual property is a must.