Running a small business can be a risky endeavor, but you don't have to reinvent the wheel when it comes to marketing. Taken from The Reach Group's Free Agent Formula—created by Cheri Hanson, Lisa Johnson and Cassie Pruett—here are the top five mistakes made by entrepreneurs:

Creating a business that follows money instead of your strengths. Without a passion for your product or service, you're already at a disadvantage. Says Hanson: "If you're unhappy or out of sync with your natural strengths, you may be diluting your main marketing tool."

Matching your competitors instead of differentiating and finding your niche. "In so many industries, all the competitors are bobbing in a sea of sameness," Hanson correctly notes. "Get out of the dogfight by serving unmet needs."

Working one revenue stream instead of creating multi-faceted revenue models. From Hanson's perspective, this means operating like a larger company in which your entire income is not derived from the hours you work and the fee you charge.

Packaging products from your perspective, not that of your customers. Today's savvy consumers tune out spin and interruption. They're looking for something that adds tangible value to their lives, so focus on real solutions.

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