07 Nov Top Startup Mistakes to Avoid at All Costs
Entrepreneurs often have very little room for mistakes and quite a limited supply of time and resources. One mistake could have a drastic impact on your startup business and, believe me, there are SEVERAL ways you can kill your startup. So, by doing the exact reverse of the below mentioned points that can ruin your startup, you can grab on some really valuable lessons on how to start a successful business with an effective and innovative approach. Here are your top startup mistakes to avoid at all costs.
NOT DOING ENOUGH HOMEWORK
You need to enter the business market with a whole heart and, I must say, a whole mind. Brainstorming is a must. Give it a good thought and plan out every possible contingency you could encounter. A decent plan always leads to good sales, so it’s crucial to be sure about where you want to take your desired business in near future.
Not taking the time to research could take its toll on your startup. That’s one of the most common mistakes that even bigger companies are liable to commit as well. Do some research on the desired location of your business. For instance, Houston has a diverse population and the cost of living is generally low compared to other markets. Using this information to your startup’s advantage is sure to make an impact. Also, use your research skills to make sure no one else has the same brand or company name that you have in mind for your business. Unique as well as trendy is the best combo to begin with.
Confidence is a healthy trait. But being over-confident about your business skills can get you into trouble. You think you have the ‘smartest’ idea or the ‘most’ innovative business plan? Or you have figured out about the ‘best’ product to sell? Or you think you can deliver the ‘most’ efficient services to your clients? Rewind and stop. That’s the kind of general attitude that gets newbies nowhere in business market.
Stay focused and be clear on what ‘value’ you want to deliver to the market. Being composed and keeping a steady balance in your approach is always the safest way to start.
RUNNING OUT OF CASH
Money is more or less a lifeline of your startup business. It’s your job to calculate the amount of money that is left on hand and whether you can achieve your desired milestones with the remaining amount or not. Keeping yourself updated with your business whereabouts is important. Always pay attention to what might come next. Think ahead and be prepared in advance to meet all possible contingencies. Be ready for any kind of situation and don’t forget to have a back-up plan. Act smart!
BEING UNAWARE OF YOUR TEAM’S STRENGTHS AND WEAKNESSES
The extent to which your team members are capable of accomplishing a given task can make a lot of difference. Be aware of their strengths as well as weaknesses and delegate work accordingly. Some of your employees may be slow at completing assignments but others could be quick at understanding and executing a required job. So, you can assign urgent and non-urgent tasks accordingly. Remember, hiring the wrong person altogether can damage your business in its initial stages.
It’s pretty obvious that when you hire an employee, you trust them to do their best job for you and respect your given deadlines. But, at the same time, it’s always a good idea to keep a fair check and verify that the given task is in the process of getting done. For that, you need to establish an open communication with your team members so that they can update you easily and you can receive feedback all the time. This will help you affect changes on time and get things back on course, should you find anything off course.
DOING EVERYTHING ON YOUR OWN
Don’t take all matters in your own hands. Learn to trust your employees. Although executing a task yourself, in your own desired way, is an admirable trait but there are times when things start to pile up and eventually you have to start to delegate tasks to specialist team members. It can help lessening your stress level too. Everything can’t be on the list of your forte.
A fair example is your company’s website. You could be good at fixing techno-problems but that doesn’t really make you a pro at constructing impressive website designs. If that’s the case, hire an expert to make your company’s web site. Social media presence is important. You need someone to promote your web page and respond to queries quickly. Focus on running your business instead of sweating over things that your team members can take care of.
Trying to multitask or doing two different jobs at the same time can lower your efficiency and give you poor results. For example, working on your startup and at the same time, doing a nine-to-five job will surely kill the startup. Being mentally and physically exhausted all the time could leave an adverse impact on your health, will affect your job performance and increase the likelihood of your startup failure. Don’t waste your efforts!
Related: First Startup Office Space Tips