Six startup mistakes that will damage your profits

All entrepreneurs make at least one expensive mistake when setting up a new business, says Lorie A. Parch writing for Entrepreneur.com. It’s “the Murphy’s Law of startups”, she explains.

But some mistakes are so costly they can sink a cash-strapped new company. The author talks to entrepreneurs and experts about the most common startup errors.

1) Choosing the wrong team. This is the most expensive startup mistake, claims Bill Aulet, managing director of the Martin Trust Center for MIT Entrepreneurship and author of Disciplined Entrepreneurship.