5. Allocating your time to the wrong things
A new business owner’s time is precious. There is always much to do, including finding and helping customers, marketing, accounting, etc. The temptation is to do it all by yourself to save costs. The problem with that is that you may be doing the wrong things and either not doing them well or forgoing revenue in order to take care of these things.
Over time, you’ll need to do what you’re good at and hire for the rest. At first, you may need to take care of some of the responsibilities that you aren’t good at. Try to get these outsourced (or hire someone) as soon as you can afford to so you can concentrate on the business’ core functions.