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Making mistakes is part of the process of building a company;
quickly recovering from them is what matters most. It's all part of the adventure of entrepreneurship, which will require all of your stamina, drive and determination. When you notice an opportunity that has never occurred to anyone else, there are certain steps to turning your vision into reality. You must formulate an innovative business plan, find funding, hire the right people to carry out the plan, and then step back from your role in the business at exactly the right moment.

Let's take a look at these basics, and also at ways to avoid some of the most common mistakes new entrepreneurs make.

Stay on TargetA mistake often associated with the first step is signaled by an entrepreneur's inability to clearly and concisely convey his idea. You have to be able to generate conviction from investors, partners and potential employees, so memorize your "elevator speech" (what you would say if you ran into an important potential investor in an elevator). Remember, the shorter your pitch is, the clearer it will be.

Be Realistic About CostsDon't shortchange your start-up when estimating the funds you will require, you'll only diminish your chances of success. Keeping your expenses under control is key, but don't confuse capitalization with costs. Undercapitalized start-ups are doomed right from the outset.

Hire the right peopleAs tempting as it may be to staff your new business with friends and relatives, this is likely to be a serious mistake. If they don't work out, asking them to leave will be very tough.
One of your goals should be to find a manager who truly shares your vision, and to whom you can someday confidently hand the baton so that you can carry out the next step.
A great entrepreneur knows when the time has come to leave the CEO role. It's seldom easy, but it has to be done: few entrepreneurs make great managers.

Maintain your focus

Lack of focus is a big error. If your start-up has been tagged as "a big thing," the adrenaline rush that comes with building consciousness can lead to dangerous decisions and a loss of a sense of purpose. Many entrepreneurs end up sprinting in many directions instead of taking assertive steps toward their target. Clearly define your goals and strategies, then establish a timeline. Don't let the other possibilities or hazy dreams distract you from achieving your goal.

Getting too far ahead of yourself is also dangerous. If your product or service is still on the drawing board, don't get sidetracked by plans for future versions. As a general guideline, looking two or three years ahead is best, but the nature of your business and feedback from your investors will help you determine just how far ahead you should plan.

Be flexible, because just as lack of planning can be a problem, adhering blindly to your plan is a surefire way to steer your company off a cliff. A successful entrepreneur will constantly adjust course without losing sight of the final destination.