Entrepreneurs can’t afford to make big mistakes. According to data from the U.S. Bureau of Labor Statistics, one in five small businesses fail in their first year, and about half of small businesses fail by their fifth year. That means every resource available to an entrepreneur is precious. And one of the easiest—and perhaps fastest—ways to lose time and money is through advertising.
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Common mistakes that entrepreneurs often get trapped in with their advertising, and ways to avoid them
You invest in advertising without a thorough business or marketing plan
If you begin advertising without a true grasp of your business model, your audience will find it hard to know how to respond to your advertising. A vague grasp of your business isn’t enough.