Don’t make these common mistakes when starting a business

Becoming an entrepreneur is an exciting undertaking, but it can be difficult to get your new company off the ground — even with a great business idea. About 18% of startups won’t make it through their first year, and only 50% will last beyond five, according to Bureau of Labor Statistics data.Becoming an entrepreneur is an exciting undertaking, but it can be difficult to get your new company off the ground — even with a great business idea.

“At the start, I didn’t realize exactly what running a business entailed,” said Haley Slade, CEO of Slade Copy House, in an email. “Not having a solid business plan and ‘shooting from the hip’” — a mistake Slade often sees other new business owners make as well — meant later having to “backtrack to do things properly,” she said.

To help business owners set themselves up for success, one of the first things to think about is “establishing what we call great financial hygiene,” says Hannah Shr, senior program manager at ICA Fund, a small-business accelerator based in California. Related: ‘I thought my business was done’: How the SVB collapse impacted one small business CEO and how he will manage cash in the future

Here are the three most common mistakes new entrepreneurs make and what you can do instead to set yourself up for success.

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