Every day, literally thousands of regular, sane and normal people take the plunge and start their own businesses. As they survey the hazardous landscape, little do they know how easy it would be to avoid the traps that so many of us have fallen into. If you’re in the initial phases of starting your own business, then I must warn you: Avoid these mistakes as if your life depended on it. Because it does–your financial life, that is. Let’s look at the pitfalls I’ve seen entrepreneurs have to dig themselves out of all too many times:

1. Buying a job rather than a business. Yes, you’ll have to be involved in the daily operations at the start, but remember that the ultimate goal is to grow your business into much more than just a job where you work hands-on every day. Work on the business, not just in the business.

2. Being a great plumber but having no idea how to run a business that sells plumbing.Your former jobs are all an apprenticeship to running your own business. Be an apprentice in all areas, not just in the trade or profession of your business. Most important, be sure you’ve paid attention to all aspects of business in your past jobs, no matter what they were, so you’ve done your basic, “how to run a business” apprenticeship.

3. Taking on a business partner. Most people give away equity upfront to a partner. Yes, there are examples of partnerships that work, but most don’t. Unless you’re absolutely sure about your partnership, hire people to

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