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There is no one blueprint for entrepreneurial success, but good business owners have found that implementing a system can do wonders for your venture. And while every business requires a different set of skills or know-how, knowing general principles of doing business can go a long way to ensuring the long term viability of being your own boss.

Mistakes are an inevitable part of business life, particularly so for startups. Errors can serve as learning tools, but can also sap your enthusiasm and drive. That is why Entrepreneur Philippines interviewed small business consultant Oliver Juanir of Business Planners, and Maia Jacinto of marketing and research firm DynaMark for some tips on how businesses can avoid roadblocks to their success.

Here are the five things you should look out for:

Mistake 1: Jumping off without a parachute

Planning is an often overlooked aspect of starting a business, a fatal mistake that often shows up in midstream, according to Juanir. Passion can only take you so far, and when the mistakes pile up, a man without a plan could be in serious trouble.

“Sometimes, enthusiasm can be overrated, because business doesn’t just need raw energy all the time. You need a plan to channel all those ideas you have for the business, because if you don’t, you’ll end up burned out,” he said.

Creating and sticking to a plan is more important for startup businesses, as these often have limited resources. Jacinto says businesses often make the mistake of splurging on only one aspect of the business, to the detriment of other factors.

“People are usually giddy when they start a business, and open a snazzy storefront. Right away, you have a fixed monthly overhead to worry about, before you even start selling. You then see people spend money on fixing the shop up, looking for fancy designs, but makes no provisions for cash registers, and other business tools,” she said.

When it's finally time to open for business, the investor is tapped out, leaving the business owner with a flashy store with poor inventory and bad service.

Mistake 2: Starting a business just for the heck of it

Most successful entrepreneurs are visionary types, and possess a clear vision of what they want for their company. But most people think that a good, life changing idea is the ticket to money and riches. Juanir says this is the reason why business owners are frustrated when things don’t go their way.

“An idea is good, but when it’s time to start fleshing out details, most startups get anxious. It’s either they get bored with the paperwork, weary of the grind, or both. The challenge is to fuel your passion by coming up with ideas, but you also need to have the patience to persevere when times get tough or stale,” he said.

Mistake 3: Overlooking the need for marketing

According to Jacinto, startups rarely plan or budget for marketing because new owners think marketing is an unnecessary expense. They also tend to mix up marketing with sales, which are entirely different animals.

“You can’t skip the marketing aspect, because marketing is basically planning tomorrow’s sale, while sales deals with the goods you move today,” she said.

Knowing how a sales cycle works is crucial for startups, which often make the mistake of hiring salespeople first and marketing professionals later. This setup, according to Jacinto, only works when the sales person hired can also effectively market the product he is selling.

Mistake 4: Being a friend instead of a boss

A typical startup setting usually has the staff, including the boss, working two or three jobs on extended hours. This heightens the risk of entrepreneurs becoming too friendly with employees, effectively blurring the chain of command.

"People tend to overlook the company manual, but it is an essential tool when starting a business,” Juanir says. Laying down ground rules, especially in the case of leaves, absences, compensation, and promotions set the tone for your progress, and ensures that employees toe the line. Without these, your company may be susceptible to legal problems of low morale.

“You're the one in charge. It's up to you to set expectations and develop procedures or appoint someone to do it,” Juanir said.

Mistake 5: Blowing through your capital

One of the downsides of not having a strategic plan in place is to underestimate the financial needs of your business. Jacinto says inexperienced owners typically overspend on the outset, and hire more people than they need to get going.

“New owners often don't realize that their customers may have a tendency not to pay on time. This will impact your cash flow, and cut your finances very deeply and more so if you have limited capital. Even when sales are there, cash is often tight. An accounting system should take care of this problem,” she said. (To know more about the basics of accounting please visit our online resource center or read an article on accounting systems here )

Juanir says most of these problems are often brought about by entrepreneurs trying to do everything themselves. He counsels that being gung ho about your pet project is good in a way, but learning how to effectively delegate responsibilities and learning from your mistakes is the most effective way of growing a business.

For more startup snafus you can avoid, check out the August issue of Entrepreneur Philippines magazine.