This article is a summary of a YouTube video "Top 5 Mistakes When Starting a New Business | how to avoid common startup mistakes" by Elizabeth Potts Weinstein

The 5 Biggest Mistakes to Avoid When Starting a New Business

TLDRAvoid these five common mistakes when starting a new business to set yourself up for success: 1) Don't spend all your time setting up the business without selling something. Test your product/service first. 2) Always sign and finalize contracts and agreements with business partners and contractors. 3) Ensure you own your intellectual property and have access to important information. 4) Don't dwell on minor decisions that don't impact the core of your business. 5) Design your business to pay yourself from the start.

Key insights

💡Test your business idea before investing in infrastructure.

🖋️Always sign and finalize important contracts and agreements.

🔑Ensure you have ownership and access to intellectual property.

Don't waste time on insignificant decisions.

💰Design your business to pay yourself from the beginning.

Q&A

Should I launch my business without testing my product or service?

No, it's essential to test your product/service before investing in the infrastructure of your business.

Why is it important to sign contracts and agreements?

Signing contracts and agreements provides legal enforceability and protects your interests in business partnerships and collaborations.

What should I consider when it comes to intellectual property?

You should ensure that you own the intellectual property rights for your business, including trademarks, copyrights, and patents.

How much time should I spend on minor decisions?

Don't waste too much time on insignificant decisions that don't impact the core of your business. Prioritize your focus on important aspects.

When should I start paying myself in my business?

You should factor in your own compensation from the beginning to ensure a healthy and sustainable business.

Timestamped Summary

00:00Attorney Elizabeth Potts Weinstein discusses the top five mistakes people make when starting a new business.

00:26Mistake #1: Spending too much time setting up the business without selling something. Test your product/service first.

01:50Mistake #2: Failing to sign and finalize contracts and agreements with business partners and contractors.

02:56Mistake #3: Not owning your intellectual property and lacking access to important information.

04:21Mistake #4: Spending excessive time on minor decisions that don't impact the core of the business.

05:33Mistake #5: Designing a business that doesn't prioritize paying yourself. Factor in your own compensation from the start.

07:43Attorney Elizabeth Potts Weinstein concludes with a call to action, inviting questions and engagement from viewers.