Any entrepreneur has had their fair share of business mistakes. Ultimately, the best way to learn is to experience firsthand, but there are certain mistakes you should never make. I recently came across an article that listed the most common (and deadly) mistakes a startup can make, listed below:
Making things too complicated: If you’re a novice entrepreneur, then it’s a good idea to start small. It’s easy to think that you’re required to build a complicated behemoth, yet simple solutions often become complicated. Ask yourself if you’re engaging in true problem-solving, drawing interest and, most importantly, offering return on investment.
Not thinking long-term: Launching any business is a tedious process; it’s a marathon, not a sprint. It’s also going to consume just about every bit of energy you have, so it needs to be something you’re passionate about.
Thinking you can do it alone: You might think you have all the ideas, but ultimately you aren’t going to want to work every single day. So it pays to get a co-founder.
Fearing customers: Customers don’t magically appear. Make sure that you get customer feedback as early as possible. You might be afraid to speak to customers about a new business idea, but if you don’t, then you’ll be building a business without knowing your customers’ needs. You need to know what they want, what they don’t like and what they need.
Not learning: Starting a business shouldn’t be fast-paced. You want to start slow and master the essentials one step at a time. You learn everything by doing in business. It doesn’t matter if you do everything perfectly, just as long as you’re doing it and learning.
Being stingy: Money might be tight, but you want to spend that little bit extra on good legal and accounting, branding, graphic design and good employees. If you try and skimp with these, it will come back to haunt you.
Not networking: You can’t be a successful entrepreneur without a good network. Build your own professional personal brand as well, making and prepping presentations and speaking gigs at relevant industry shows. Take advantage of your social media presence as well, so that everybody knows how great you really are.
Juggling between side projects: A successful entrepreneur doesn’t waste their time between five different projects at a time. Concentrate on your core business, and don’t let yourself lose focus.
Getting out of perspective: Your business’ health, strength and success are a direct reflection of you. You should absolutely work hard, but never forget to take care of yourself, otherwise your business will suffer.