Establishing a startup business is not an easy process, that’s why a lot of newly born startups fail every year, yet the reasons of their failure are mostly similar and have common roots.
Of course, we all make mistakes in our lives and we may take wrong steps, however, to solve them and reduce mistakes we need to find out how they happen and how to stop them or prevent bigger losses.
Whilst there isn’t a mistake-proof plan to make your startup business an entire successful project, there are still some mistakes which are significantly common in startup failures.
Here are 11 mistakes that you must avoid to make your startup through its successful path.
Not Preparing Your Life
Starting a business isn’t an easy process by no means; you need to be concentrated, motivated, active, and open your eyes widely. A startup will cost your life some tolls; it’s proven.
However, don’t get disappointed; these are the perks of taking any major step in your life. It would be best if you made your personal life’s infrastructures ready for the challenge because opening a business will affect all aspects of your life whether you like it or not.
So tell your relatives and friends about it, you need to make it clear that even though they have their proper place in your life, they should understand that you will pay so much attention to what you’re doing. This is a step of making your friends and family’s expectations, ready for the stage you’re taking.
Not Paying For Expertise
We should understand that no one is perfect; it means that an individual cannot be good at everything. A business has so many aspects from investigation and marketing to doing official paperwork, taxes, and lots of other tricky stuff.
Searching on the internet to find guides and or free trial educations are not enough to establish a strong foundation for your business.
It matters to find experts and pay them to handle the works related to them. This is a subject of teamwork and creating a robust business structure.
Dreaming about ideas can ruin your business, just thinking about the success of your plans will not help you, in fact, you have to move on, read, research and go on the action, spend money and time to make your idea, a real success.
You need to earn data about your idea and make it clear if it will work or not, or at least lead you to a proper way to make it real.
This case has a contrariwise dimension too. You may have an idea that you think it may not work so you’ll get frustrated and leave it behind. While if you go and search to earn data about your idea or review people’s opinions, you may get a whole different response from the niche you were planning for.
Spending Too Quickly
According to Startup Genome, 74% of high-growth internet startups fail because they scaled too fast. The thing is that most of them just after raising money start to spend their cash on unnecessary stuff like hiring extra employees or false marketing.
The early fundraisings should be spent on items to generate more money for your company. If you run out of money before reaching a stable level of your business, you’ll fall into real problem sorting up things back again.
Sticking To The Wrong Idea
It is pretty standard that newly started entrepreneurs or people who are going to have their first experience establishing a business in a foreign market, stick to their original idea and are unable to examine that it’s not going to work.
Some ideas are like pushing a wall, no matter how much you push hard, the wall will not move. Falling in love with a plan which is not proper for the market, is mostly a waste of time and energy.
To avoid it, you need to make sure about your plan rationally by bringing evidence and evaluations of experts in front of yourself.
Thinking Money Solves Everything
Money is essential for the business, but it’s not solving everything. Money can’t be a solution to inherit and fundamental issues in a business idea.
If your company is not healthy on its feet, money cannot help it get out of that situation.
First, you need to solve the issue and then take action to raise more money.
Underestimating How Long Sales Take
The estimated time for a startup to start selling effective is usually more than a year. There are a lot of newly established companies and startups who think they will close deals with big enterprise accounts in less than six months. It MAY happen, but it will be scarce, so don’t underestimate the time it will take and be patient.
Being Afraid To Fail
A failure means that ‘there’s no benefit in between, which is a scarce concept. When ‘you’re going to start a business you should go on and continue to grow, even if your idea ‘didn’t work, it doesn’t mean that you’ve failed, it is an aspect of experience and learning.
There’s no room for regret, and you should understand that any step that you take will earn you another aspect of a fact. It may hurt if it didn’t work, but the truth is that life continues and you can go forward, this time with more experience.
Don’t Hire Too Soon
The most significant majority of humankind are impatient and eager to move forward as fast as possible, especially while creating a new business or company. However, being patient is one of the most excellent behavioral principles which will lead you to success and a healthy person.
Hiring employees for your business must be done with patience and of course with the guides of your mentor, because immediate recruiting without a comprehensive knowledge over whom you are going to bring inside your business, can hurt your company in a wrong manner, so be careful.
Listening To Strangers Too Much
You know that being surrounded by wise and experienced people is a valuable gift to help you learn more and more to create a strong foundation for your business. It will help you see more aspects of a single matter and observe the facts about your subject, more detailed.
At the same time, you should be very careful about your business idea, because there might be some successful employers around you who are going to blind you with their money or experiences( or even fake ones). You know your business and its secrets better than anyone else, don’t let that information fall into the wrong hands.
Working Too Hard and Forgetting to Enjoy the Process
Some people work full-time 24/7, and that is true. They think about their business plans and what they’re going to do next, even when they’re not in their working time. This is like a poison for your brain, which will make it too tired and will slow it down to function.
When you’re not working, you need to relax and leave those thoughts in your business place. It will let your mind take a break and feel free. Those open times will sometimes come as a spark of an idea, write it down and think about it the next day.
By the way, the whole process of establishing a business, shouldn’t be imagined as the laborious work process, you should think about the epiphany of your idea! Your team and people around you will take that effect too, that powerful energy will create an energetic atmosphere at your place, and that’s what’s needed to make your idea, successful.