Steve Pavlina sets out 10 Stupid Mistakes Made by the Newly Self-Employed. They are a worthwhile read (go to the post for his explanation of each), even if you’ve been self-employed for a long time. I know I still make a few of these stupid mistakes. How about you?
1. Selling to the wrong people.
2. Spending too much money.
3. Spending too little money.
4. Putting on a fake front.
5. Assuming a signed contract will be honored.
6. Going against your intuition.
7. Being too formal.
8. Sacrificing your personality quirks.
9. Failing to focus on value creation.
10. Failing to optimize.
I cringed more than a few times when I read the full post. Thanks Matt!
Posted by: Paul | April 19, 2006 at 11:25 AM
I would add to that list "Inadequate tax planning." You would be amazed at how many entrepreneurs I've met over the years that didn't understand the impact of self-employment tax.
Posted by: Dave! | April 11, 2006 at 11:59 AM