There’s never been a better time to start your own business but even if it is a wonderful ride, keep in mind that it can also be unpredictable, tiring and even nerve-wracking. In fact, there are many pitfalls for entrepreneurs to avoid when launching a startup and even if the results are worth it, whenever complex problems arise, you might end up as one of those startups enduring the misfortune of failure. It is important to stay away from these mistakes.
As far as we know, there are no fool-proof plans to help you reach startup success, but still, it might be of great help if one shared some of the common startup mistakes made by entrepreneurs in their entry mode. Also based on our experience working with startups and fledgling entrepreneurs, we’ll give you some insights on how to avoid these pitfalls before you venture out on the open market road. But first, let’s hear about the startup mistakes entrepreneurs should avoid at all costs.
Finding the right time to launch your startup
Timing is everything! One of the biggest mistakes startups make is either launching too early or too late. Launching too quickly might put your startup at risk with potential systems and processes that are not fully in place, communication and marketing strategies not up-to-date or a product/service not ready to go. There’s nothing worse than rushing a startup that will show up and appear unprofessional. On the flip side, if you wait too long, chances are high that a competitor will be the first to market your service or product. Take the right steps, don’t procrastinate, establish deadlines, optimise and complete your product offering, and get ready to roll.
Overspending and spending money on the wrong things will undeniably result in a death sentence for startups. Instead of spending on a workspace with all the bells and whistles, on the best of the best equipment and latest software, or on over-the-top billboard advertisements, try less expensive but equally viable options available. Use your resources wisely and relocate the adequate funds to enhance your product or service. You may also set a business budget to curb overspending and rely on existing resources.
Failing to ask for help
How do you know you’re on the right track? While being optimistic and confident about your business venture can be beneficial, don’t fall into the trap of thinking you’ll overcome everything. Ask for help from experts and experienced professionals that will better your position whenever challenges arise. You don’t always have to do everything alone, particularly when your business is at stake. Seek the help of inspirational and industry leaders through the right network, learn from their mistakes, do better, and we assure you that the path of success will become clear.
Turbine, a thriving network of vast experienced and skillful entrepreneurs, has all that it takes to help startups grow and scale. Test Drive, one of our most accomplished programmes, helps entrepreneurs just like you to kickstart their business venture through a 12-week programme with weekly business coaching, access to relevant networks and investors, experts’ workshops, office space, and business angels to whom you can pitch your initial idea and embrace the entrepreneurial culture with a clear plan in mind. Our one-to-one support programme is not only there to answer all your questions, but also to make you avoid common startup mistakes and use them to your advantage. Finding a helping hand at Turbine will surely bring steady richness to your startup and entrepreneur experience.
Hiring people too soon might potentially affect your startup’s image, particularly if your vision, story, and set of values don’t align with the first-coming candidate. Even if you’ve been wearing all the hats for some time and feel you’re ready to take a few off doesn’t mean you have to hire the first person passing by. Finding the right fit for your team takes time and consideration. It is all about finding your startup DNA in the right people that will become the right business partners in the long run. By putting the time now to hire a candidate that has a real bond with you and your startup, it will help you save both time and money later.
Giving up the entrepreneur journey early
Launching and growing a startup is a long process filled with lots of ups and downs but if you stay focused on the odds and give up early on your path to success, you may be missing out on a lifetime opportunity for financial sustainability. You should not forget why you got into this business in the first place and continue to believe in your mission, vision, and pitch to ensure long-term success. Whenever you feel drowned under pressure, continue driving in the direction you planned and never lose focus on your objectives. Remember that failure increases your chances for success the next time around and while others are giving up, take the bull by the horns to make success within your reach.
As Oscar Wilde once said: “What seems to us as bitter trials are often blessings in disguise”, you’re not going to avoid every mistake but once you’re comfortable with the fact that you don’t have to know everything from the beginning, the path to success will be much closer. Still, knowing some of the pitfalls of starting a business is always of great help. With so many startups failing and entrepreneurs committing mistakes ignorantly, keep these traps in mind and connect with us through email@example.com to increase your chances of becoming fool-proof in this not-so-fool-proof industry.