Owning a business isn’t like taking a stroll in the park. And even if it were, it would still be guided by rules. While some business owners may seem lucky, others might have gotten it wrong somewhere, somehow. Even though mistakes are unforeseen, scary and sometimes costly, being solution-oriented is one-habit an entrepreneur cannot run from. Though contingencies can be met on the path to realizing one’s dream, these are 9 start-up mistakes an entrepreneur must avoid.
Shake off that doubt; starting a business is as hard as you make it. After all, nothing good ever came easy and most certainly not a company which can someday be worth millions. Many have had to break into sweat, even backs from lifting the weight of their dreams to the apex. Knowing these start-up mistakes to avoid is truly harnessing the power of learning from other entrepreneurs that sailed the dreamboat before you. It would be almost disheartening to fail to learn where they went wrong.
1) Learn and Try Again (Self-Belief).
So what if you lost all of your savings? Most of the energy being put into your business should be mere drops from a full cup of belief in the idea. That goes to say believing in yourself and your dreams is worth more than any cash lost in trying. All Guy Laliberté (The billionaire who came from nothing) had was fire, a dream, and a team. A pocket full of belief can inspire good use of available resources. And when plans fail, you learn from it and try again. Believing in your idea and yourself is the first free resource every entrepreneur must make good use of.
2) Move Past The Funding Disease
A larger part of the entrepreneurial population sees money as the first and major problem stopping them from succeeding. This is part of the mistakes an entrepreneur continuously makes. However, this is not always the case. Money doesn’t necessarily make the idea a success; the right plans should have been put in place before sourcing for financing. Funding is the final piece of the entrepreneurial puzzle needed for execution. Building an enterprise is a process that must be taken one step at a time. Believing nothing can be done without money is an entrepreneurial disease and it’s time to change that ideology. After all, if you can’t make money without money, you can’t make money with money.
3) Invest In The Right People
The right set of people driven by the same goals is hard to find, and so, they are critical to realizing the dream. 3 people can make a team; the strength is in quality and not quantity. Sometimes smaller is better, as it becomes easier to spot those not functioning. Human capital is another aspect of funding entrepreneurs must make full use of. The wrong staff or team can put the hard work of the entrepreneur in jeopardy.
This underscores reasons why one must must sometimes embark on this journey alone until they come across like minds that can continue with them. Never be in a hurry to assign important tasks to people that have no passion for being in the process. It is quite delicate to put the trust of one’s future in the hands of total strangers, so pick your team with an eagle eye, only then will you soar as high as you imagined.
4) Watch The Waters Before Diving Into Any Business
Depending on the type of business, the market can be heavily saturated. That’s why an entrepreneur must be strategic when venturing into any business. This comes with carving out your niche in the market by focusing on a part to satisfy. Another thing you do not want is to get into a business because some else is doing great in it. So know the basics of whatever business you are getting into. Why the hurry right?
5) Know The Basics Of Your Business
Companies pay a lot of money to consultancy firms and resource persons for information. Nobody knows it all and information is key for ventures and venturing alike. Be ready to dig well enough to get vital information about what you are about to get into before starting. There is a higher probability attached to your chances of survival and dominance if you know what you are doing. Businesses fail most of the time because there isn’t a guideline formulated from the business knowledge. Low energy put into research, and hence, very little options to make use of when problems arise. Doing your homework and research to know more about your business and customers, equals freedom from maneuvering problems in the market.
6) Only Take Positive Advice
There are many reasons why you should keep your ideas to yourself and plan in silence. Conversely, recognize when telling someone about your ideas can make it better. Asides that, don’t listen to negative comments from people who might be trying to make you fail; a lot of people couldn’t achieve their dreams and try to rub off on others. It is logical for them because they may honestly think it’s not possible. Dreams and negative energy don’t mix, so stay far from things that lead to pessimism and self-doubt.
7) Your First Idea Is Not Yet A Success, Why Diversify Now?
Related diversification is good when you have taken off with the first plan. Diversification is encouraged when there is now enough capital to finance both businesses. This, at the wrong time, gets entrepreneurs confused and distracted from the goal. The point isn’t to have an array of businesses for various sources of income, at least not yet. The goal is to make one work first, then try diversifying when both you and the business are ready.
8) You Are Different From The Business, Never Forget That
The entrepreneur and the business are both separate entities. Although, bootstrapping negates that thought during start-up, due to the fact that entrepreneurs at this stage use their money. However, it is very important that the entrepreneur never loses sight of that fact. Acts like taking money from the business to sponsor personal issues and otherwise should be discouraged. It is unhealthy for the business and stifles growth.
9) Everybody Gets Scared, Learn To Face Your Fear
Fear is the devil. It stops you from climbing over to look at what is on the other side. Solving this problem first comes with identifying what exactly you are scared of, and facing it head on. Entrepreneurship is as risky as the first test flight of airplanes. If fear did not stop the Wright brothers, don’t let it stop you.
Mistakes are inevitable but there are subtle ways to make them. It should never be a head on collision with obvious stumbling blocks that you should have seen coming. Letting you in on this information is letting you in on personal experiences of entrepreneurs that have gone down this road. These are the 9 start-up mistakes an entrepreneur must avoid, and it could come in handy when starting your entrepreneurial journey.