A positive mental attitude is crucial for entrepreneurial success. But optimism alone won’t ensure your new business stays afloat — according to a study by InsuranceQuotes, 20 per cent of US small businesses fail by the end of their first year and 50 per cent by their fifth.
There are various reasons for shutting shop and success rates are higher in some sectors than others.
But some basic principles apply to companies in most countries — if you want to get set for success, here are three expensive pitfalls a startup should swerve.