Mistakes you should avoid as a startup entrepreneur
Increase your chances of success by avoiding these mistakes that most entrepreneurs are guilty of committing
2 min read
If only great ideas made great companies! Anyone who has ever started up knows, starting one’s own company is not an easy feat! Where you try to make one thing right, there are 10 other things that can go massively wrong. And while everyone learns at their own pace and with their own blunders, there are some overlapping mistakes that most of the entrepreneurs have committed with their ventures which you can take as a lesson and avoid.
Pay attention and save your business from these 6 oversights
Trying to be the one man army
We know there are many inspiring accounts of individuals who started alone and hit the jackpot with their venture, however, one should ask for support when one needs it. There are many sides to building a business, product development, resource management, marketing, logistics, customer relation, and there’s only so much you can do. So, before you and your castle of hard work crumble down, get a trusted partner/advisor to help you hold the walls.
Forgetting about the business plan for your business
This one’s no brainer, yet some startups end up making this rookie mistake. An entrepreneur running without a business plan is like an archer shooting in the dark, obviously, you will miss your target. A well thought out business plan which is born out of a great market and customer research is your bible. It will help you to set your affairs in order and put your business on the path to success.
Filling your basket with rotten apples
Businesses are all about people. People start them, people run them, and people consume them. Therefore it’s quite essential to get the right set of human resource at the right time. Many of the startups don’t make it work as they fail to bring good people aboard. Go beyond the knowledge and skill parameter when considering candidates - look for individuals with integrity and ingenuity. Also, don't add equity shareholders unless they can add value to the business in the long term.
Procrastinating and delaying the launch
Time is money! Surely you must have heard this by now (if you have an investor onboard then probably a lot more times than others), and as cliche as it sounds, it’s the actual truth. Timing is very important when you bring your venture to the market. Try to hurry up the launch and you might risk your company, on the other hand, pushing the launch constantly due to not so relevant and important reasons can make you lose your sporting chance, and there’s a good chance that you might burn out the initial stage investment even before you start minting money off your business. Plan in advance, find the right time for your product and go for it!
Not taking customers’ feedback into account
Believe in your idea but don’t get married to it. When you build your product, keep a provision for customer feedback to tweak your offering to suit their requirement. Remember, you are building your company for your customers, not for yourself. Keep open communication with your consumers and don’t ignore their thoughts. Sometimes, genuine feedback can make all the difference in making a ‘good’ product groundbreaking!
Not thinking big
Start from the ground, aim for the sky! Thankfully no one yet has put a limit to success, so the only thing that can prevent you from growing big is small thinking. So when you start up, build your business model in a way that it could be flexibly expanded without hurting the company’s structure much.
What’s the biggest lesson you have learnt on your entrepreneurial journey? Tell us in the comments!