Before you start on a new venture, draft a simple business plan that identifies your proposed product or service, the costs involved, your funding needs, your competitors, potential customers and market opportunity. Also detail realistic challenges your business can expect to face.

Do your best to estimate the actual costs of funding your venture through launch and the first year.

Get to know your customers and the market. Many businesses stumble because they fail to understand their target market. And when you’re ready to expand, don’t assume new customers in different areas will have the same tastes and priorities — get to know them, too.

Entrepreneurship can be the adventure of a lifetime, but like any adventure, it can also be a challenge. Preparing yourself for the common mistakes many business owners make will make your path to success easier.

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