Don't risk setting up without knowing three rs.

(From Western Daily Press)

There is some essential research that entrepreneurs need to carry out before launching their venture. It can make the difference between success and failure, reports Peter Jump This includes getting to grips with the "Three Rs", although in this case the Rs stand for rules, regulations and red tape.

There's no denying the bureaucratic burden that business owners have to shoulder these days.

And despite a Government department being set up with regulatory reform in its name (The Department for Business, Enterprise and Regulatory Reform, which partially replaced the notoriously ineffectual Department for Trade and Industry) don't expect the situation to ease any time soon.

It can be tempting to just ignore the Three Rs, on the assumption that you can deal with them when you really have to. However, this can be a very risky strategy.

Admittedly, some rule breaking can lead to little more than a minor official giving you a metaphorical slap on the wrist, but others can result in serious fines or worse.

Regulations can also stop your new business dead in its tracks, which is why it is worth doing research in this area as part of putting together your business plan. (And as has been stated before in Stupid Factor, you shouldn't start a business without some sort of written plan).