Building up a startup company from scratch is something which is no easy task at all. If you have decided to embark on this entrepreneurial venture then you should try your best to be ready for anything that might come your way. The essence of a startup pertains to having novel ideas, innovativeness, progress, growth as well as scalability. To guide you along your way, given here is a list of all the startup mistakes which you should avoid at any cost, so as to achieve success in due time.
Common Startup Mistakes to Avoid:
1. Blunders while hiring people on board:
One of the biggest startup mistakes you can make is hiring the wrong people on board, it is always advisable to initially have only a few trustworthy people to work with and as time moves on, you can proceed to hire more and more people. You should make it a point not to just hire any and everyone on board as this would mean that you are compromising on the quality of workers you will have in your company. Ensure that best practices in recruitment procedure is done so that you only hire employees who are good at what they do and are skilled professionals.
2. Not having a distinct plan of action to follow:
If your company does not have a distinct plan of action to follow, then the employees as well as workers will not know what distinct goal they are working towards. It is your responsibility as the head of the company that the employees know exactly what they are working towards otherwise chances are that they may be disillusioned or demoralized. If something like this does happen, then that will be a serious blow to the company name. Having a five year plan is something that many companies have to ensure that they go ahead in a methodical manner.
3. Choosing wrong team leaders to guide employees:
A big blunder which you should avoid at any cost is that you choose team leaders who are willing to put aside their own private ulterior motives and give their one hundred percent into making this startup company into something big and successful. Being excessively trustworthy is something that could cost you very heavily indeed in the business world so ensure that you make your decision only after carefully evaluating the work ethic and performance of a particular individual. You should take your time in making such a decision.
4. Try to do it all on your own without taking help from anyone:
As the head of the startup company it is your primary responsibility to lead from the front as well as ensure that things are being carried out in a proper manner. However this does not imply that you end up taking too much responsibility on your own shoulder and not let anyone help you out. When you try to bite off more than you can chew then chances is that you will not be able to deliver quality work. So have a core committee for your company, where these members will help you and assist you, so that you do not get too stressed out or bowed down by work.
5. Focusing too much time on a business plan that isn’t working:
One of the most important things which you have to remember when you begin a startup company is that you must have the good sense to gauge when a particular business plan or idea is just not working out. No matter how much time, money or effort you have invested in any given idea, if it is not working out after doing everything in your control, then it is high time to give it up. One of the biggest mistakes which you can make is clinging on hopelessly for too long hoping as well as praying that some miracle will happen and help you to get ahead.
6. Letting the initial success get to you:
In the event of having tasted success for the first time, you should not let this success get to you at any cost as this is one of the biggest startup mistakes which you can make. On tasting success for the very first time, you should try and maintain this standard continuously and if possible even try and improve on the quality of work which you are doing. So initially it is advisable to focus all your energies on your work and as much as possible to put your personal life on hold. As things become stable and you have been able to get things functioning smoothly then you can focus on other things.
7. Not learning from mistakes which you have made in the past:
When you have a startup company you will make plenty of mistakes along the way, yet you should not let these things get to you or play on your mind too much. The mark of a true professional is that he is able to learn from his mistakes and try his level best not to repeat them in the future. After all, there is some truth in the common saying that failure is the stepping stone towards success and it is only after you have tasted failure, will you truly appreciate success. If you give up, the moment you hit an obstacle then you will never make it big.
8. Not putting enough thought into sales:
In the corporate world, product development is something which is very important, yet at the same time, one startup mistake which you should never make is that, you should never ignore sales and advertising. Both advertising as well as marketing is something that will help greatly in taking your startup company to the next level. To make your startup company a success you have to focus on a number of different things rather than devoting your entire attention to merely one aspect of your company. Do this and you will have to pay heavily for this mistake.
9. Not striving for perfection at all times:
Being happy with ordinary as well as mediocre work is a mistake which a number of companies make, you should always make it a point to ensure that at all times and under all circumstances you are trying your level best to make sure that the services as well as products which are being given by your company are absolutely top notch. If not then why will people spend their hard earned money investing in a company like yours, they are sure to go and avail of the same services elsewhere where perfect services are rendered at all cost.
10. Not taking into account what it is that customers want:
One of the biggest startup mistakes which you should avoid at any cost is ignoring the wants and needs of the customers. Rather than only keeping your own thoughts and wants in mind you should put yourself in the shoes of the customers and think that if you were in their place, how would you like things to be? A great way to get to know what exactly the people want would be to have a survey or even a suggestion box where individuals can state categorically what they like and dislike about the services as well as products which they are purchasing from your company.
11. Pinning all your hopes in one place alone:
A smart business man will make sure that he does a lot of homework before investing his money anywhere. In the business world taking risks is an important thing yet at the same time this does not imply that you take risks blindly, you must ensure that you take calculated risks only when you are more or less sure about the outcome. If you start becoming superstitious and taking blind risks then you might find that in time to come you have lost your entire business and you have not even a penny in your pocket .So make sure you make wise decisions.
12. Not having faith in yourself:
Taking decisions wisely as well as contemplating on whether or not you should do something is a good habit indeed, yet at the same time one of the biggest start up mistakes which you should never make is questioning yourself at every turn. It goes without saying that nothing is sure in the business world, that does not mean you start second guessing yourself as well as your ability. If you take too much time to take decisions then over time you have realize that so many good opportunities have slipped through your fingers without you even realizing.
13. Not having proper social media presence to help your business:
In this day and age, owing to the fact that it has become so easy to access the internet, people are constantly using their mobile phones, tablets and even laptops on the go. If you want your Startup Company to really take off and gain a good reputation for itself, then you should ensure that it has a proper social media presence so as to attract the right kind of attention towards the company. A big start up mistake like this could really cost you heavily, after all remember that we are living in a technological age and we must keep up with the changing times.
14. Trying your hand at too many things:
Rather than trying your hand at too many things initially it would be advisable for you to ensure that everyone’s attention in the company is focused on perfecting one thing at a time. This is indeed one of the biggest mistakes which start up companies make.
15. Not taking advice which people have to offer:
In the business world, following your gut is something that is important, yet at the same time a big mistake which many make is that they refuse to listen to the advice which is given to them by professionals in the field. If they give you valuable advice then you should pay attention to it as it could save you a great deal of trouble in time to come. Being stubborn is something that can never take you very far. Listen to everything that is being said to you, make sure that you make a note of relevant points but do not try to please any and everyone.
16. Not launching products at the right time:
A start up mistake which many make and ought to avoid is that launching products and services too fast or slow. This is something that can be a serious blow to the company. In the business world, time is of the essence so ensure that you take this decision wisely and launch your products at a time when you know that you will benefit most.
17. Spending way too much money:
It is needless to say that in this day and age, money is extremely important, so keeping this very thing in mind a mistake that many startup companies make is that they spend way too much money, when they can least afford to do so. Make sure that you spend even the smallest sums of money judiciously rather than being extravagant and spending money for no reason at all.
So these are some startup mistakes which you should avoid making when you are trying to get your startup company off the ground. In this day and age trying to remain a relevant part of today’s twenty first century business world is a tough task indeed, So ensure that you are up for it and will never shy away from giving your best at all costs. You will certainly make a few mistakes along the way, and that’s okay, but make sure that you do not take these minor defeats personally and continue to put in your one hundred percent effort at all times.