GETTING STARTED

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Do your homework . . .

HOT IDEAS

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Consulting: Many people who want to go into business for themselves also want to keep their businesses small. Consulting allows them to do by making a business out of sharing their knowledge and expertise.

Sustainability: Entrepreneurs are now looking at green-, organic- and environmental-related businesses for new opportunities.

Aging: Anything to do with elderly care and America's aging demographics.

COMMON BLUNDERS

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Hiring bad sales staff: Sales people are key to a business' success. But hiring good sales people is often one of the biggest challenges start-ups face.

Not pulling the plug soon enough: If a person in your organization is not working, you have to let them go before their poor performance affects other employees.

Poor cash management: If you don't have a system to keep track of cash flow, get one. It takes time and some knowledge but it's very important.

Overvaluing the idea: Many times entrepreneurs think their ideas are worth much more than they really are. Be realistic.

Not understanding your competition and customers: Will your business do something better than existing businesses? Is the product or service something people want?