Starting a company from scratch is a difficult task for anyone, especially those new to the entrepreneurial world. Making mistakes is normal though to be aware of them before it happens is even better so it can be avoided. The failure rate for new businesses is very high so you must be ready to take it on the chin and learn from it. Entrepreneurship is about testing and improving, learn from the mistakes made and try to avoid those common ones.
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Choosing The Wrong Partner
Having a co-founder with you is a big decision, and you will be responsible for choosing the right person that will be there with you through everything. With your skills, make sure to choose someone that compliments those skills so you are a team that can work together on everything.
The business idea is not going to reach success on its own; the people you hire are going to do that. Take your time to find the right people for each job, and that have the skills you lack, and then you can build a team that can conquer anything.
Not Validating Your Ideas
Trusting your thoughts and ideas is one thing, but without getting validation you could be on the road to failure. Always test your idea before investing too much time, effort and money.
Get feedback on your product proposals from startup experts that have experience and from potential customers so you can understand and improve.
Not Knowing When To Change
When you test out your ideas, you will gain useful feedback that you might not be ready for. Rather than ignoring the feedback or forgetting your idea completely, there comes a time when you have to learn to change your ideas for the better. It may not be your original plan, but a new direction may be the key to bringing you success.
Taking Too Long Planning
A big mistake with many businesses and a reason lots fail is not getting the product or ideas to the market fast enough. Spending too long adding new features and more products can take more time and money for an unsure return. Instead, use your most valuable product and release it into the market, and then you can see whether it is worth adding more features or products to the line.
Not Enough Marketing
No matter how amazing your idea is, marketing is crucial. These days, having a strong online presence is something every business should have and using this to market is vital. Social media and search engine optimisation are some of the best ways to expand your reach and get your name out there.
The Right Amount of Input
Getting too much of the wrong advice or not enough of the right advice can be dangerous. Using intelligent input is part of building a successful business but only in the right amount, too much can be overpowering. Try to have sources that have experience in building businesses in your industry that can provide you with the right advice when needed. Having advisors for each part of the business can be better than those who advise on the business as a whole.
Choosing The Wrong Fundraiser
Almost all businesses will need capital to get started. Whether you choose to crowd fund, bootstrap or raise venture investment, you must choose one funding strategy before you begin and stick with it until the end. Dipping and dabbing in different schemes will only make you look bad and probably leave you with little money to play with.
Not Listening To Customers
The customer should be the businesses number one priority, as they are the ones buying your product or service. Listen to their feedback and be active in client communication. You should also be targeting a certain customer base rather than trying to reach out to everyone, make your product specific for your customers, and you will do better.
With a lot of business, success comes from knowing the right people. Do not put networking as low priority; take any opportunities to meet people whether they are potential customers or important people in the industry both online and in person. It will expand the visibility for your name and the business.