Business owners are prone to moments of brilliance and even more so to mistakes. It is in our mistakes that we learn, grow and delve into experiences with new eyes. Earning your first million dollars means that you got there by losing and risking more than that amount. But as much as possible, we don’t want you to loose more than you have to; you should be aware of 3 common business mistakes and cut your losses from there.

Poor market research. When there is an absence of demand for the product or service you’re selling, you’re in big trouble. Most people believe that businesses fail because of shallow funds and weak leadership. In essence, problems stem from hurrying up, judging your market blindly, and coming in unprepared. You can fail to cater to a niche. Great ideas can only get you so far –and we can often get carried away with nurturing them. But coming in blind and unprepared will not excuse you from disaster.

Though research may take up most of your time before setting up, you should also remember that your customers will not come to you. Don’t wait for them; be pro-active and establish a presence in your campus.

Operating in a bubble. Remember to share your business ideas with friends or family you trust, because you miss out on important objective feedback when you don’t. You can judge the character of your business plan wrongly, simply by being too close to it; your classmates, family, or your peers can give you ideas on how to tweak that plan more ably than you.

In addition, don’t ever forget to seek professional advice. Whether it’s a lawyer for your legal concerns or financial problems that need to be addressed, people who have more experience than you do can lend crucial insight into things you may think you already understand.

Neglecting your self. New business owners spend a tremendous amount of time on their business and forget –very easily –that they need a support system outside of their endeavor. You should not forget that this isn’t your commitment alone. Friends and family will also sacrifice quite a bit for you. This may take its toll on your schoolwork.

Take the time off, spend time with them and more importantly, give yourself a break once in a while.