Many entrepreneurs are eager to help new business owners find success, either through networking, mentoring, or even investing in startup firms. Fortunately, meeting them is not difficult and it can be a powerful way to obtain vital information and contacts in your industry. "Networking takes an investment of your time, but it can be a very sound investment with excellent returns," says Palm Desert (Calif.) small business consultant Dee Helfgott.

"Examine your current network to determine who might be helpful in introducing you to people with experience in patenting, marketing, distribution, and locating investors. Identify local groups whose membership includes entrepreneurs, such as the Chamber of Commerce. Trade and financial associations can be helpful as well," she says.