Entrepreneurship is fun, exciting, frustrating, challenging, satisfying, and energizing. Sometimes it’s even financially rewarding. Many would-be entrepreneurs think they have achieved success the moment they name their company or file the incorporation papers.

In truth, successful entrepreneurship requires much more, including good decision-making. Make one big early mistake and your entrepreneurship dream could be over as quick as it starts. Here is the biggest early mistake I have seen and more insights from my Inc. colleagues.

1. They choose the wrong priority.

I sat on an entrepreneurship panel a few years ago and the question was asked: What is the one thing an entrepreneur needs to be successful?

The first sage entrepreneur said: "Passion, without passion an entrepreneur will run out of energy and dedication to get the job done."

The second sage entrepreneur said: "Hard work, Success only comes if you are willing to work for it."

The third sage entrepreneur said: "Undying faith in your idea, otherwise you'll give up when times get difficult."

Then it was my turn. I looked over at the panel and then after careful consideration said:

"I have seen hundreds of passionate, hard-working entrepreneurs have undying faith in their idea and yet they still failed. They all lacked one thing . . . A brilliant business model.

Oddly enough, when your business model is amazing, the passion, undying belief and hard work seem easy to provide."

2. Thinking a new business will be quick and easy.

Unfortunately, many new entrepreneurs have no idea of the sheer magnitude of the amount of hard work and resources (especially cash) it takes to get a new business off the ground. They think that if they build it, the customers will come. Actually, they won't. Building a business isn't easy, and you've got to be prepared to devote yourself to it for a long time before it takes off. Peter Economy--The Leadership Guy

Want to read more from Peter? Click here.

3. Getting spend-happy with funds.

When startups "invest" money in impressive office space, new furniture, and more employees than they need, it's a certain path to disaster. Too many entrepreneurs have sought my help after they've blown their first funding round with little to show for it. Run lean. Set up card tables and folding chairs in your basement or garage. When you believe it's time to spend money on "the extras", wait another year. Stay scrappy until your numbers prove that it's time to expand — and then hire a great coach before you do anything! Marla Tabaka--The Successful Soloist

Want to read more from Marla? Click here.

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