5. You didn't Research the Competition

Having no competitors may mean that there is no market for your business, but if you can easily find ten or more existing players means this may be a crowded space. If you think "you have no competition," you're wrong. Competition is everywhere. Make sure you understand what these companies do and how you're different. If you find that you have several hundred competitors, it's ok to try something else.

4. You Think Legal Problems can be Solved Later

Many important legal decisions must be made early on. Neglecting to deal with these issues at the right stage can cripple a business. It's important to hire a skilled lawyer with experience in working with entrepreneurs. He can advise you on the next steps to take as you are growing your business. It can be much more costly and time consuming to fix the legal blunders you made later.