7 Deadly & Common Startup Mistakes to Avoid in 2018
Though it may be easy to start a business, it is indeed a mammoth task to establish it and reap revenues from it. Most entrepreneurs find keeping their startups going very tough, even more so because most of the entrepreneurs are very young and have very little experience in business.
Startups – easy to start, difficult to keep
Hence they will either have to be very insightful so that they can observe and learn from others’ mistakes or they will have to learn from their own mistakes. The age-old adage that failure is the stepping stone to success is very true.
But one must know till what extent failure is acceptable and even acts a teacher and when your mistakes come to bite you and can make your business goes down hook, line and sinker.
If you are aspiring to turn your startup into a success, there are some crucial mistakes that you must avoid at any cost.
Common mistakes that entrepreneurs make:
There are some common mistakes that entrepreneurs make that pose a huge threat to their business. Some of these mistakes are:
Being a one-man-army
Imagine standing all alone to fight a battle — what are the chances that you will win? Very less, isn’t it? Well it is the same with a startup. If you think that you can take care of all the angles of a business, then you are taking on a very daunting task.
If you try and do everything on your own then you will end exhausting yourself so much that soon you will not have the energy to carry on with the business.
Also, it is bound to happen that some business areas will receive more of your attention than the others. This will affect your startup venture adversely.
Crossing the bridge too early
As a businessman, it is only natural for you to want to expand your business. But if you try to cross the bridge before you have reached it, it will only negatively impact your business.
You can only think about expanding your business when you have these things in place: available credit, available capital, few reliable management staff, accessible equity and last but not the least, reliable supplies.
Penny wise pound foolis
When you get a startup going, it is imperative that you have enough cash with you. It is very important that a business in its nascent stage has lots of cash available at its disposal. Hence, it is very important that a startup owner spends money judiciously. It is often seen that these startup owners end up recruiting too many people in the beginning. This results in finances draining out of the business.
Having distorted focus
As we all know, it is not easy to start a company. It requires a vision, lots of research regarding the market for your product or service offering and the tenacity to take the business forward. The entrepreneur needs to be focused on the business goals and drive the business towards them with lots of enthusiasm and passion.
However, if you are an entrepreneur who lacks that focus and concentration, then your business is bound to falter.
Thinking yourself to be God
What are your strengths and weaknesses? This is a common question in every interview. This is because every human being has some strengths and some weaknesses. However, if you think that you are God and you have no weaknesses, then you will never admit your faults and your business will go downhill. Hence it is very important to identify your weakness, admit it and then work on it so that you can turn your weakness into your strength.
Not open to being flexible
Often entrepreneurs with inflated egos think that they are infallible and that their way of doing things is unassailable. This stagnates their ability to learn and may result in the business dying a slow death. It is never good to be so rigid that you fail to adapt to the changing environment.
Not focusing on revenue
In the human body, the heart is very important because if it stops, we die. But if our lungs fail to take in oxygen, that also kills us. While your product or service is the heart of your business, revenue makes the lungs. Both are equally important. But some entrepreneurs fail to focus on revenue and only look into improving the quality of their products. This makes the startup suffer.
Unable to face failure
We are all aware of the age-old adage that failure is the stepping stone to success. But many startup owners fail to realize that when you start a business failure is inevitable.
They often fail to take some crucial risks because they do not want to fail. Hence they walk on the well-defined and oft trodden path that eventually leads to their startup’s death.
Mistakes are common in any new venture. But when you are about to begin a startup you must remember that some mistakes are too big and might destroy your dream business; and more often than not, these are very common mistakes that you end up committing subconsciously.
Hence it is very important that you are well aware of these mistakes that can kill your startup and try and avoid them as much as possible.
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