Being a small business owner can be gratifying. Owners get to be their own bosses, choose their own hours, and turn their passions into a career. A perk of owning a small business is getting to make every decision about your company- what to spend money on, how to market, where to establish your office, and how to budget. This massive list of decisions may be exciting for freshly minted entrepreneurs, but it can also come with consequences. Screw up your cash flow or misunderstand your target customers, and you could put yourself in a bind. Owners should educate themselves on some of the most common pitfalls that others make when running their own company. Entrepreneurs need to have a plan of action for every aspect of their business. A single blind spot could make you one of the 50 percent of businesses that don't succeed.