10. Work too hard for too little.
When entrepreneurs are first starting out, they sometimes make the mistake of undercharging for their services, or setting up a business model that would require a 100-hour-a-week schedule to earn a living wage. A classic example is selling a handcrafted crocheted sweater for the same price as a store-bought, machine-produced one. Simply charging more for products and services can signal quality to potential buyers. Testing the market to see what it can bear, and checking out competitors' prices, can help entrepreneurs avoid starting too low.
This article is excerpted from U.S. News money senior editor Kimberly Palmer's book, "The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life," which comes out this month. Copyright © 2014 Kimberly Palmer. Published by AMACOM Books, a division of American Management Association, New York, NY. Used with permission. All rights reserved.