The things first-time entrepreneurs tend to get wrong

One potential pitfall new entrepreneurs encounter is the temptation to hire friends and relatives. Doing this might make you miss out on better-qualified candidates, and you might have a difficult time telling your relatives what to do. "[I]f you can't fire 'em, don't hire 'em," he recommends. Other common mistakes include setting prices too low and being too reluctant to borrow money, he writes.

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The Top 10 Rookie Mistakes for Entrepreneurs - New York Times (tiered subscription model), The

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