1. Partner problems – Choosing the right person to work alongside is as important as picking a husband or wife.
2. Prickly patents – Securing legal rights to your business idea ensure no one else can claim it as their own.
3. Being careless with control – Handing over authority to a business partner or trusted expert may be tempting but can be a costly mistake, especially when it involves company finances.
4. Avoiding all risk – While it takes some courage to approach angel investors and other partners for resources, it can be done with minimal risk to your own capital and internal processes and culture. Failing to do so may hinder the growth of your business.
5. Keeping secrets – It may be tempting to keep your business ideas to yourself out of fear that someone will steal them. But by failing to get expert consultation, you’re cutting yourself off from valuable resources. Address this by obtaining a confidentiality agreement.