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Founders beware - The pitfalls to avoid when taking the step into self-employment

11/21/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Spending too much money: It is important to plan carefully and understand how much money you have available and how much you need to start up. You should not spend more than you can afford and make sure you have realistic financing.

2. Unclear goals: Before starting your own business, you should set clear goals so you know how to proceed and what you want to achieve.

3. Neglecting business planning: A business plan is a fundamental tool to start and run a business. Without such a plan, you have no direction and no clear idea of how to make your business successful.

4. Underestimating the competition: when trying to start your own business, you should not forget that there are already other companies trying to achieve the same thing. Therefore, it is important to learn about the competition and develop a plan on how to differentiate yourself from them and give yourself an advantage.

5. Not paying attention to the legal aspects: Before starting a business, it is important to learn about the legal framework and make sure you are doing everything right. This includes complying with all relevant laws and regulations.

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