ADVICE FOR FIRST-TIME ENTREPRENEUR. BEFORE YOU LAUNCH YOUR FIRST BUSINESS

Before going into a business as a first-timer there are some things that must be known so as to avoid mistakes.
1.FOCUS:
Many first time entrepreneur feel the need to jump at every "opportunity" they come across. Opportunities are often wolves in sheep's clothing.Avoid getting side-tracked. Juggling multiple ventures will spread you thing and limit both your effectiveness and productivity.
2.KNOW WHAT YOU DO,DO WHAT YOU KNOW:
Don't start a business because it seems sexy and boasts large hypothetical profit margin. Do what you love. Business built around your strenght and talents will have a greater chance of success.
3.KNOW WHAT YOU KNOW,WHAT YOU DON'T KNOW AND WHO KNOWS WHAT YOU DON'T:
No one knows everything so don't come of as a know-it-all.Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman
4.ACT LIKE A STARTUP.
Forget about fancy office,fast cars and fat expense account.Your wallet is your company's life-blood.Maintain a low overhead and manage your cash flow effectively.
5. LEARN UNDER FIRE:
No business book or business plan ca predict the future or fully prepare you to become a successful entrepreneur. Never jump into a new business without any oplan or thought. The most important thing you can do is learn from your mistakes and never make the same mistakes twice.
Goodluck!!
Culled from www.entrepreneur.com