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Surviving the Three Pitfalls of Business Ownership

If you're prepared for the worst, you might just be able to turn these hazards into opportunities.

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This story appears in the March 2004 issue of Teen Startups.

The morning sun sheds its brilliance and warmth on your sleeping face. 10:00 a.m. 10:15 a.m. 10:30 a.m. Finally, after half an hour of lying in bed, you decide to get up and start your morning routines. Your work day officially starts fifteen minutes later as you stumble to your computer, still wearing what you woke up in, coffee in hand. And so goes the life of the entrepreneur. You get to decide when, how long, who with, where and what you work on. No boss. No politics.

While this idyllic life might be the reality for some entrepreneurs, it certainly isn't guaranteed. In reality, every entrepreneur has a unique experience depending on their decisions and plain, old luck. And while good luck may be hard to control, making good decisions isn't.

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