As a fledgling entrepreneur, it can be easy to be swept up in the excitement of starting a new business, but to survive the first year and beyond, it’s imperative that you avoid these five common mistakes, writes Barry Magliarditi, co-founder of The Game Changers.

Starting your own business is a brilliant way to align your priorities. You can set your own hours, set the tone for the work environment, cater to clients and a community that you’re invested in, and see returns that are directly proportionate to how much effort you’re putting into your new business. That’s if everything goes well.

A few mistakes that entrepreneurs commonly make when first starting up can be easily avoided with a little preparation. Here are five to look out for.

5 common mistakes for new entrepreneurs to avoid

1. Diving in without a support system

2. Not getting it in writing!

Be wary of not writing down agreements between partners and contributing baseline employees. For example, if you’ve hatched an idea for a new service your company can offer between two people while out of the office, a lot can happen between the Friday night planning session and the Monday morning implementation meeting.

It’s easy to forget the details and systems of the new facet of business, and, most importantly, it’s difficult to hold team members accountable for different responsibilities. Be clear on what has been delegated.

3. Keeping it in the office

When you own your own business, nothing really stops when you leave the office. While it’s important to have a healthy work-life balance, if your business is truly heart-centred and aligned with a larger purpose, you should always be drawing inspiration from the community and environment you surround yourself in during the non-business hours.

Talk frankly with your personal network. Listen to people in your market demographic outside of the office.

4. Not choosing the right team