You have poured many hours into researching your new startup business. You have found the perfect workspace for your business, and you believe that you will survive that first tricky year of business. Will you survive though? Do you really know what pitfalls could cause your startup to stumble? One error of judgment could spell the end for your startup. Here are some common mistakes made by new companies.
Mistake 1 – No Leader
You could have an amazing team and a fantastic product but this is all irrelevant if you don’t have the skills to lead your team. You need to be able to inspire and motivate everyone that works for you. If you can’t get them to understand and believe in your vision, then you may as well pack-up that briefcase and go home now. You need to develop those leadership skills fast! You can find some really inspiring talks on Ted in which they discuss what it takes to be a great leader.
Mistake 2 – You Start Flashing The Cash
You have the perfect business and you are eager to share the with the world just how great you are. You want your business to be at the forefront. You go and buy the latest fish trimming machine because you want your fish business to be a super slick machine. However, you don’t need that fancy fish trimming machine just yet. You are spending money on gadgets before you need them. Whatever your business, you need to be careful in that first year, you need to watch the dollars. You should only be buying the absolute essentials.
Mistake 3 – You Want To Do It All
It’s your business and that means that you want to do it all. The only thing is that you can’t do it all. It would be physically impossible and you would end up spreading yourself too thin. You need to hire skilled people for your company and you need to trust that they can do a good job. It can be hard letting go of the reins but you need to hand some of the responsibility over. However, you still need to be involved and aware of what is going on. You just need to accept that you need some people to help you. Hire a recruitment agency who will scout the best people for your business.
Mistake 4 – Thinking That Everyone Will Love Your Business
It’s good to be passionate about your business/product but it is very wrong to assume that everyone else will be equally passionate about product. You need to research your market and you need to look at your competition. Look at what your competition is doing well and use that to help shape your business. Is there any areas where your competition isn’t doing as well? Can you do it better? Take advantage. You should also look at your customers and listen to feedback. In order to stay ahead of the game you need to be constantly looking to improve.
Setting up a startup is not for the fainthearted but you can learn from the above mistakes! Taking these mistakes on board will help your business flourish!