{"id":11466,"date":"2022-08-31T06:00:00","date_gmt":"2022-08-31T14:00:00","guid":{"rendered":"https:\/\/www.rangeme.com\/blog\/?p=11466"},"modified":"2022-08-30T11:30:44","modified_gmt":"2022-08-30T19:30:44","slug":"a-never-do-guide-costly-mistakes-entrepreneurs-shouldnt-do","status":"publish","type":"post","link":"https:\/\/www.rangeme.com\/blog\/a-never-do-guide-costly-mistakes-entrepreneurs-shouldnt-do\/","title":{"rendered":"A Never-Do Guide: Costly Mistakes Entrepreneurs Shouldn&#8217;t Do"},"content":{"rendered":"\n<p class=\"has-drop-cap wp-block-paragraph\">If you recently launched a new business, you\u2019re not alone. New business creation rose in 2020 and 2021 due to pandemic layoffs, the online commerce boom, and the shift to working from home. Since June 2020, the average number of monthly business applications has been 92% higher than between July 2004 and February 2020. <span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_1');\" onkeypress=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_1');\" ><sup id=\"footnote_plugin_tooltip_11466_1_1\" class=\"footnote_plugin_tooltip_text\">1<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11466_1_1\" class=\"footnote_tooltip\"> Strangler, Dane. New Business Creation In 2022: Continued Surge\u2014Or Another Slump? Forbes. December 29, 2021. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11466_1_1').tooltip({ tip: '#footnote_plugin_tooltip_text_11466_1_1', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><br><br>Despite this enthusiasm for entrepreneurship, the reality is not all businesses survive the steep learning curve associated with being your own boss. According to the U.S. Bureau of Labor Statistics, 20% of new businesses fail during the first two years of operation and about 50% don\u2019t survive past the fifth year.\u00a0<br><br>We don\u2019t want this to happen to you.<br><br>That\u2019s why we\u2019re sharing business lessons of what never to do, according to leading consumer packaged goods (CPG) companies as well as start-ups. We want you to avoid costly pitfalls that erode productivity and profitability as you build, grow, or stabilize your brand.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Even big brands bomb (and that\u2019s okay)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Companies of all sizes make mistakes, which can serve as lessons for us to apply to our own ventures. Here are some classic examples of CPG giants whose retail initiatives flopped.\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Coca-Cola:<\/strong> In 1985, Coca-Cola launched New Coke as soft drink competition intensified. Immediately, the press declared that New Coke tasted sweeter and more like Pepsi, which led Coca-Cola stocks to fall. Also, 8,000 disgruntled consumers called the brand per day to complain.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_2');\" onkeypress=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_2');\" ><sup id=\"footnote_plugin_tooltip_11466_1_2\" class=\"footnote_plugin_tooltip_text\">2<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11466_1_2\" class=\"footnote_tooltip\"> Klein, Christopher. Why Coca-Cola&#8217;s &#8216;New Coke&#8217; Flopped. History.com. March 13, 2020. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11466_1_2').tooltip({ tip: '#footnote_plugin_tooltip_text_11466_1_2', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script> <em>Lesson: Never underestimate loyal consumers\u2019 emotional attachments to your brand.<br><\/em><\/li><li><strong>Dasani:<\/strong> In 2004, the bottled water brand\u2019s U.K. launch made headlines due to the PR crises. Consumers were furious to discover Dasani was simply purified tap water and scientific findings showed the products contained twice the legal amount of the chemical bromate.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_3');\" onkeypress=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_3');\" ><sup id=\"footnote_plugin_tooltip_11466_1_3\" class=\"footnote_plugin_tooltip_text\">3<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11466_1_3\" class=\"footnote_tooltip\"> Why Dasani failed to tap into the UK bottled water market. WalesOnline. April 3, 2004. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11466_1_3').tooltip({ tip: '#footnote_plugin_tooltip_text_11466_1_3', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script> <em>Lesson: Never ignore due diligence, including consumer safety, regulatory compliance, and transparency.<\/em><br><\/li><li><strong>Frito-Lay:<\/strong> In 1998, the snack leader tried to extend its brand into beverages with the launch of Frito-Lay Lemonade. Consumers thought the new sweet drink had little connection to the brand\u2019s salty snacks, which confused them and eroded the core brand\u2019s value.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_4');\" onkeypress=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_4');\" ><sup id=\"footnote_plugin_tooltip_11466_1_4\" class=\"footnote_plugin_tooltip_text\">4<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11466_1_4\" class=\"footnote_tooltip\"> Haig, Matt. Brand Failures: The Truth About the 100 Biggest Branding Mistakes of All Time. Kogan Page. 2011. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11466_1_4').tooltip({ tip: '#footnote_plugin_tooltip_text_11466_1_4', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><em> Lesson: Never assume brand equity will translate to new brand extensions.<\/em><br><\/li><li><strong>General Foods:<\/strong> In 1990, the CPG giant launched Maxwell House Ready-To-Drink Coffee. However, the foil-lined packaging couldn\u2019t be used in a microwave, customers weren\u2019t sure whether to drink it hot or cold, and automatic drip coffee makers were far more popular.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_5');\" onkeypress=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_5');\" ><sup id=\"footnote_plugin_tooltip_11466_1_5\" class=\"footnote_plugin_tooltip_text\">5<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11466_1_5\" class=\"footnote_tooltip\"> Glass, Sandie. What Were They Thinking? The Morning Java That Left Us Cold. Fast Company. February 7, 2012. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11466_1_5').tooltip({ tip: '#footnote_plugin_tooltip_text_11466_1_5', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><em> Lesson: Never rush product testing, which can reveal make-or-break issues.<\/em><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Steer clear of these business pitfalls<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s risky to build, launch, and grow a new brand, and mistakes are an inevitable part of the learning process. Here are some lessons on what not to do, which can help protect your own business&#8217;s success.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Never wing i<\/strong>t<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Instead, create a strategic plan to align your entire team. Set weekly, monthly, quarterly, and annual goals to move your business forward. Review your strategic plan at least semi-annually to keep it relevant and on track.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_6');\" onkeypress=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_6');\" ><sup id=\"footnote_plugin_tooltip_11466_1_6\" class=\"footnote_plugin_tooltip_text\">6<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11466_1_6\" class=\"footnote_tooltip\"> Sydney, Lynda. How to Avoid the Most Common Small Business Pitfalls. RBC Royal Bank. April 27, 2017. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11466_1_6').tooltip({ tip: '#footnote_plugin_tooltip_text_11466_1_6', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Never chase every opportunity<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Time is precious, so be discerning<strong>. <\/strong>Focus on opportunities to lead with your strengths and serve customers who will help you move your business forward. Check that you have the bandwidth and expertise before you say yes to a new opportunity.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_7');\" onkeypress=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_7');\" ><sup id=\"footnote_plugin_tooltip_11466_1_7\" class=\"footnote_plugin_tooltip_text\">7<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11466_1_7\" class=\"footnote_tooltip\"> Expert Panel, Forbes Coaches Council. 15 Common Pitfalls To Avoid As A New Business Owner Or Entrepreneur. Forbes. November 26, 2019. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11466_1_7').tooltip({ tip: '#footnote_plugin_tooltip_text_11466_1_7', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Never grow too fast<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Developing too many products too quickly can overwhelm your business. Once your core products succeed, take your time and expand with care.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Never run out of cash<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Create a reasonable budget and stick to it by resisting the temptation to spend on unnecessary items.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_8');\" onkeypress=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_8');\" ><sup id=\"footnote_plugin_tooltip_11466_1_8\" class=\"footnote_plugin_tooltip_text\">8<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11466_1_8\" class=\"footnote_tooltip\"> Anderson, Summer. 8 entrepreneurial mistakes that can be easily avoided. StartUp Mindset. 2019. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11466_1_8').tooltip({ tip: '#footnote_plugin_tooltip_text_11466_1_8', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script> Know your numbers to ensure you charge enough to cover your expenses, make a profit, and reinvest in your growth.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Never blend in<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Take the risk to separate your business from the masses. Be bold and distinct by articulating what truly differentiates you.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_9');\" onkeypress=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_9');\" ><sup id=\"footnote_plugin_tooltip_11466_1_9\" class=\"footnote_plugin_tooltip_text\">9<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11466_1_9\" class=\"footnote_tooltip\"> Expert Panel, Forbes Coaches Council. 15 Common Pitfalls To Avoid As A New Business Owner Or Entrepreneur. Forbes. November 26, 2019. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11466_1_9').tooltip({ tip: '#footnote_plugin_tooltip_text_11466_1_9', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Never ignore your customers<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Rather than creating your offering in private, engage your customers throughout your process. Make sure you understand their needs and solve their pain points.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_10');\" onkeypress=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_10');\" ><sup id=\"footnote_plugin_tooltip_11466_1_10\" class=\"footnote_plugin_tooltip_text\">10<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11466_1_10\" class=\"footnote_tooltip\"> Expert Panel, Forbes Coaches Council. 15 Common Pitfalls To Avoid As A New Business Owner Or Entrepreneur. Forbes. November 26, 2019. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11466_1_10').tooltip({ tip: '#footnote_plugin_tooltip_text_11466_1_10', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Never try to do it all yourself<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Wearing all the hats can lead to burnout. Ask for help and delegate tasks to free up time for your greatest strengths. Working with a mentor or coach can keep you accountable, and hiring a virtual assistant or accountant can shrink your to-do list.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_11');\" onkeypress=\"footnote_moveToReference_11466_1('footnote_plugin_reference_11466_1_11');\" ><sup id=\"footnote_plugin_tooltip_11466_1_11\" class=\"footnote_plugin_tooltip_text\">11<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11466_1_11\" class=\"footnote_tooltip\"> Anderson, Summer. 8 entrepreneurial mistakes that can be easily avoided. StartUp Mindset. 2019. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11466_1_11').tooltip({ tip: '#footnote_plugin_tooltip_text_11466_1_11', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Brand owners share their stories<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We asked some successful CPG suppliers to share their wisdom, including mistakes when launching their brands.\u00a0Here\u2019s what they had to say.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What is one thing you would advise an entrepreneur to avoid doing?<\/strong>\u00a0<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cTrying to do everything on your own. Even as a solopreneur, you have a strong support group behind you, including your team, family, people that want to see you succeed and would be excited to help on your journey. Do not be afraid to reach out and just ask, \u2018Hey, I need some help,\u00a0can you &#8230; ?\u2019&#8221;\u00a0<br><br><strong>~ Dr. Zonram Liao, CEO\/Founder, <\/strong><a href=\"https:\/\/www.wellnergypets.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Wellnergy Pets<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWhile it may be tempting to start on a large scale, it can be a costly mistake. Before taking on too much inventory, you should determine the existing demand for your product or service. It is important to talk to consumers and understand what they like about your product. This will provide invaluable insight into your customers and the market potential of your product.\u201d<br><br><strong>~ Kelley Higney, Founder &amp; CEO, <\/strong><a href=\"https:\/\/www.bugbitething.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Bug Bite Thing<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI would recommend that when you are starting your business you grow slowly and carefully, with the goal of achieving profitability as soon as possible. Avoid taking out large investments or accruing debt early, as this can be a pitfall for many businesses. See that the ability to get yourself out of debt is possible based on factual data; don\u2019t assume constant growth.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>~ Billal Sidiq, Chief Executive Officer, <\/strong><a href=\"https:\/\/www.bolani.co\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Bolani<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cTrust yourself, trust your instincts, and trust in the power of your product and what it can become! So, avoid giving away too much equity early in the life of your business. Twenty-five percent % for working capital to get started may not seem like a lot to give up to get started or scale, BUT, 25% of a $10 million business is a different story. You want to be in a position to retain ownership when raising funds AND still have equity to offer investors when you make your BIG scale moves.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>~ Joye B. Moore, Founder &amp; Chief Executive Officer, <\/strong><a href=\"https:\/\/www.joyebells.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Joyebells Sweet Potato Pies<\/strong><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What is a mistake you had to overcome or adjust from?\u00a0<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI used to be too hard on myself. If I failed to make this sale, or to get my product into this store, I would get very disappointed in myself. And while it was motivational to an extent, it can cause some depressing times. Just enjoy it all as part of the journey, take things as a learning experience, and you will be better next time. Don&#8217;t be too hard on yourself.\u201d\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>~ Dr. Zonram Liao, CEO\/Founder, Wellnergy Pets<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWhen we launched Bug Bite Thing, we targeted male outdoorsmen. And while that demographic remains one piece of our market, we were missing out on so many others, especially those who have turned out to be our biggest group of consumers \u2014 moms, like me, who are on a mission to help their kids! If something isn\u2019t working for your business, don\u2019t be afraid to pivot.\u201d<br><br><strong>~ Kelley Higney, Founder &amp; CEO, Bug Bite Thing<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cA mistake we had to overcome and adjust from is not getting an accountant sooner, who can help you with identifying your profit margin, analyzing your cost of goods, and help you with forecasting. This information is vital to keeping your business afloat. Some things are best left to the experts!\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>~ Billal Sidiq, Chief Executive Officer, Bolani<\/strong><br><br>\u201cUndervaluing our product in the beginning. We were just happy to be in the room. But we belong in the room and our margin requirements are just as important to the day to day operations of JOYEBELLS, as it is to our partners sustainability. KNOW your worth. You don&#8217;t always get pricing and margins that you want or deserve, but don&#8217;t make settling the norm. Every opportunity for shelf placement is not always an opportunity.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>~ Joye B. Moore, Founder &amp; Chief Executive Officer, Joyebells Sweet Potato Pies<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Learning from others\u2019 business wisdom, including their missteps, can help you strengthen your own business strategy and operations. Apply these never-do tips to save time, avoid hassles, reduce risk, and grow faster by flattening the steep learning curve of launching a new brand.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Do you <\/em><a href=\"https:\/\/www.tiktok.com\/t\/ZTRrW35Tk\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>follow us on TikTok<\/em><\/a><em> yet? Get insight into unique trends, trade shows, best practices, and so much more!<\/em><\/p>\n<div class=\"speaker-mute footnotes_reference_container\"> <div class=\"footnote_container_prepare\"><p><span role=\"button\" tabindex=\"0\" class=\"footnote_reference_container_label pointer\" onclick=\"footnote_expand_collapse_reference_container_11466_1();\">&#x202F;<\/span><span role=\"button\" tabindex=\"0\" class=\"footnote_reference_container_collapse_button\" style=\"\" onclick=\"footnote_expand_collapse_reference_container_11466_1();\">[<a id=\"footnote_reference_container_collapse_button_11466_1\">+<\/a>]<\/span><\/p><\/div> <div id=\"footnote_references_container_11466_1\" style=\"display: none;\"><table class=\"footnotes_table footnote-reference-container\"><caption class=\"accessibility\">References<\/caption> <tbody> \r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi pointer\"  onclick=\"footnote_moveToAnchor_11466_1('footnote_plugin_tooltip_11466_1_1');\"><a id=\"footnote_plugin_reference_11466_1_1\" class=\"footnote_backlink\"><span class=\"footnote_index_arrow\">&#8593;<\/span>1<\/a><\/th> <td class=\"footnote_plugin_text\"> Strangler, Dane. New Business Creation In 2022: Continued Surge\u2014Or Another Slump? Forbes. December 29, 2021. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi pointer\"  onclick=\"footnote_moveToAnchor_11466_1('footnote_plugin_tooltip_11466_1_2');\"><a id=\"footnote_plugin_reference_11466_1_2\" class=\"footnote_backlink\"><span class=\"footnote_index_arrow\">&#8593;<\/span>2<\/a><\/th> <td class=\"footnote_plugin_text\"> Klein, Christopher. Why Coca-Cola&#8217;s &#8216;New Coke&#8217; Flopped. History.com. March 13, 2020. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi pointer\"  onclick=\"footnote_moveToAnchor_11466_1('footnote_plugin_tooltip_11466_1_3');\"><a id=\"footnote_plugin_reference_11466_1_3\" class=\"footnote_backlink\"><span class=\"footnote_index_arrow\">&#8593;<\/span>3<\/a><\/th> <td class=\"footnote_plugin_text\"> Why Dasani failed to tap into the UK bottled water market. WalesOnline. April 3, 2004. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi pointer\"  onclick=\"footnote_moveToAnchor_11466_1('footnote_plugin_tooltip_11466_1_4');\"><a id=\"footnote_plugin_reference_11466_1_4\" class=\"footnote_backlink\"><span class=\"footnote_index_arrow\">&#8593;<\/span>4<\/a><\/th> <td class=\"footnote_plugin_text\"> Haig, Matt. Brand Failures: The Truth About the 100 Biggest Branding Mistakes of All Time. Kogan Page. 2011. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi pointer\"  onclick=\"footnote_moveToAnchor_11466_1('footnote_plugin_tooltip_11466_1_5');\"><a id=\"footnote_plugin_reference_11466_1_5\" class=\"footnote_backlink\"><span class=\"footnote_index_arrow\">&#8593;<\/span>5<\/a><\/th> <td class=\"footnote_plugin_text\"> Glass, Sandie. What Were They Thinking? The Morning Java That Left Us Cold. Fast Company. February 7, 2012. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi pointer\"  onclick=\"footnote_moveToAnchor_11466_1('footnote_plugin_tooltip_11466_1_6');\"><a id=\"footnote_plugin_reference_11466_1_6\" class=\"footnote_backlink\"><span class=\"footnote_index_arrow\">&#8593;<\/span>6<\/a><\/th> <td class=\"footnote_plugin_text\"> Sydney, Lynda. How to Avoid the Most Common Small Business Pitfalls. RBC Royal Bank. April 27, 2017. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi\" ><a id=\"footnote_plugin_reference_11466_1_7\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11466_1('footnote_plugin_tooltip_11466_1_7');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>7,<\/a> <a id=\"footnote_plugin_reference_11466_1_9\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11466_1('footnote_plugin_tooltip_11466_1_9');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>9,<\/a> <a id=\"footnote_plugin_reference_11466_1_10\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11466_1('footnote_plugin_tooltip_11466_1_10');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>10<\/a><\/th> <td class=\"footnote_plugin_text\"> Expert Panel, Forbes Coaches Council. 15 Common Pitfalls To Avoid As A New Business Owner Or Entrepreneur. Forbes. November 26, 2019. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi\" ><a id=\"footnote_plugin_reference_11466_1_8\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11466_1('footnote_plugin_tooltip_11466_1_8');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>8,<\/a> <a id=\"footnote_plugin_reference_11466_1_11\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11466_1('footnote_plugin_tooltip_11466_1_11');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>11<\/a><\/th> <td class=\"footnote_plugin_text\"> Anderson, Summer. 8 entrepreneurial mistakes that can be easily avoided. 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