In business, as in life, the devil is in the details. You might have a great product, a great team and a great work ethic. You might have enthusiasm and ambition out the wazoo.
Even with all that talent, however, you can get tripped up by paying insufficient attention to a few small, unsexy subjects that are easy to overlook but crucially important.
I’ve been tripped up a few times myself, and know plenty of entrepreneurs who’ve made similar errors. When I started my first business, for example, I remained a sole proprietor because my CPA didn’t believe that I’d earn enough money that year for it to make sense to incorporate. His bad advice cost me thousands of dollars and hurt my operating capital, and it still stings to think about it.