At one time or another, virtually everyone thinks about starting a business. The allure of being your own boss can be strong, but it’s important to remember that launching a new business is risky: According to a recent SBA report, about 50% of all small businesses will fail within just five years.

Managing a startup can be a minefield, especially when the pull of entrepreneurship clouds your decision-making – and when you go it alone with no business experience. But if you do decide to start your own business, it’s a great idea to learn from other’s mistakes and set yourself up for success.