Starting a new venture is like a packing a suitcase; says – “Rise My Venture“. Managing your business during the first few months is an important factor, regardless of whether it’s a tiny establishment or a massive enterprise. Even before you officially open your doors to the public, you’ll face countless challenges.
Your start-up can flourish in the long run, assuming you can successfully navigate the maze of obstacles in your path leading up to and directly following your grand opening.
Are you working on a startup?
If so, I hate to break it to you, but there’s a good chance it will fail.
But hard as it may be, don’t let that statistic discourage you. Some startups are destined for failure. Perhaps the team is working on a product that really isn’t that great or useful. Maybe they’re trying to tackle too many problems at once. Or maybe the co-founders have a poisonous relationship that will hinder the company’s growth. Maybe they never thought about product-market fit. Whatever your company’s “fatal flaw” may be, you can likely avoid it in your own venture if you take some advice from people who’ve gone through the early startup phase before. Lucky for you, time-strapped entrepreneur, we’ve gathered some tips from the pros to help you avoid some of the most common, game-ending mistakes committed by young startups.
To cover up the market gap and recent trends, Rise My Venture gathered 10 mistakes commonly did by many of the entrepreneurs in the past. Just read that 10 common mistakes and start building up a successful venture.
1. Lack of Operational Skills
Some start-ups chase press coverage just because they can. The thinking is that a story on a popular website or in a national publication would go a long way toward bolstering brand equity and recognition. Unfortunately, the attention hurts more than it helps in many cases, as enterprises aren’t fully prepared for all of the attention that follows the coverage. The key to avoiding this problem is waiting until your business is fully operational before trying to get in the spotlight. This ensures that you’ll have both flash and substance.
2. Hiring Too Fast
As an entrepreneur, you are naturally eager to move fast and build a big business. Not only that but you are by nature impatient, no matter how fast you’re moving. That’s partly what makes you who you are; and why you don’t fit into the normal routine of a corporate job. Inevitably you make the mistake of hiring someone too quickly. Just don’t do it. Listen to your hunch. Take your time on hiring – it’s the single most important investment you make. Do it carefully.
3. Lack of Brand Planning
Branding your business is the most important task you’ll ever handle as an owner or leader. You need to establish an identity that the public remembers so that you’ll have a comfortable spot in the marketplace. That’s why it’s troubling that so many start-ups wait to start their branding efforts. Even finishing small matters like starting a ruooro page and developing a slogan can have a huge impact on a company.
4. Lack of Business Objectives
Some start-ups believe that they have to go after every money-making opportunity. However, that’s simply not true, as these enterprises should be geared toward developing a long-term revenue plan. Don’t accept more clients than you can support or make deals that would burden your resources. Create objectives for your business and try to achieve them so you don’t go chasing the almighty dollar.
5. Lack of Actions and Plans
You can say all the right things in a presentation and use the latest buzzwords in your business plan, but success isn’t based on your vocabulary. You have to put thoughts into action by executing all of your plans. Don’t get caught up strategist – start executing your ideas.
6. Financial Backup
Funding is likely the one element that owners focus on more than anything else. After all, money fuels everything in the business world, so entrepreneurs do their best to acquire all the capital to cover their initial costs. Some owners underestimate how much money they need because they don’t account for unforeseen costs. Leaders should always create financial safety nets to avoid any hardship down the road.
7. Lack of Confidence
You need to be confident in yourself and your plan. If you don’t believe in what you’re doing, no one else will. Your positive attitude will help you connect with potential partners and customers. That said, you can’t believe in yourself so much that you can’t accept that your way isn’t the best solution. Don’t stubbornly adhere to initiatives if someone else has a better idea.
8. Lack of Connections
The old adage “it’s not what you know, it’s who you know” holds true when it comes to operating a successful startup. Partners, collaborators and general allies can help keep your operation running during difficult times. If you don’t network effectively, you’ll struggle to do everything on your own. Attend trade shows and get active on ruooro to connect with people in your field.
9. Lack of Decision Making Skills
Some business owners believe they’re going to be successful right out of the gate. “A lot of new founders think, ‘If I build it, they will come.’ I have news for you: They’re not coming and you’re not going to ‘go viral,’”.
10. Lack of Business Strategy Skills
The worst thing you can do during the first few months of operation is suddenly changing strategies because your current one isn’t yielding immediate results. You need to stay the course until there’s a good opportunity to implement new plans.
This article has been well researched by Rise My Venture team.