
7 Mistakes to Avoid When Starting Your Business
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Episode Brief Description
There are many pitfalls that come when starting a business. In this episode, we talk through 7 that you should seek to avoid.
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Key Insights & Timestamps
- [00:53] – Welcome
- [04:10] – Assuming your idea is great idea
- [07:50] – “Ask those tough questions first.” – Tom
- [08:36] – “I was the Dream Crusher.” – Ariana
- [09:13] – Don’t sweat the small stuff
- [13:22] – Getting your personal finances in order first
- [15:58] – If you are not good with personal money, odds are you will not be good with business money, either – address this beforehand
- [17:54] – Not getting your spouse or significant other on board
- [18:26] – “You are going to create a lot of extra issues on top of business issues if you don’t approach the subject with your spouse first.” – Ariana
- [22:50] – Underestimating how difficult owning a business will be
- [25:20] – Not knowing why you are starting in the first place
- [28:01] – Not knowing where to find your customers
- [33:29] – Homework
- [35:22] – Toms Bookshelf
Your Homework

Ariana’s Homework
- Fill out a Lean Canvas worksheet.
- TomandAriana.com/Canvas

Tom’s Homework
- Go through this list of 7 mistakes and see which ones you are currently doing. See where you could better focus and re-adjust.
Tom’s Bookshelf
The Pumpkin Plan
Resources Mentioned
- 10 Mistakes Entrepeneurs Make When Starting a Business
- Identifying Opportunities & Taking Action w/ Dale Hensel
- Lean Canvas – TomandAriana.com/Canvas
- Plan With Purpose: The Ultimate Guide to Creating Your Ideal Lifestyle
- Lifestyle Builders Mentorship
- Join our Free Facebook Group for Family-Focused Entrepreneurs
Key Insights
- Covering the top 7 mistakes many new businesses face
- Assuming the business idea is a great one, without proper research beforehand
- Sweating the small stuff
- Not taking the time to get personal finances in order first
- Not talking through plans with spouse or significant other
- Clearly understanding how difficult it will really be
- Not clearly understanding WHY you really want to own a business in the first place
- Not knowing ahead of time where you will find your customers