The road to becoming a successful entrepreneur and founding a thriving startup is a long and difficult one. You are bound to make mistakes along the way, regardless of how hard to you try to avoid them, but there are some common mistakes that maybe you can avoid altogether.
Whether it’s taking on too much, or neglecting your marketing, according to research from Fundsquire, 20 per cent of businesses fold within their first year, and 60 per cent will go bust within three years.
Let’s have a look at two of the common mistakes to avoid.
Underestimating The Importance Of Marketing
According to the report from Fundsquire, 14 per cent of startups fail due to poor marketing. Many new businesses under-budget their long-term marketing costs, fail to recognise the role of marketing in growing their business, or a combination of the two.
You need to be able to use marketing to communicate core ideas, such as:
- Who you are as an entrepreneur.
- What your business does in a literal sense.
- Why that is different from everyone else, and why those differences are important.
You need to start thinking about marketing and advertising as soon as possible because nobody is going to invest in your product or service when it launches if they’re not even aware that it exists at all.
Assuming They Can Do It All On Their Own
Many entrepreneurs make the mistaker of trying to take it all on alone. While that pioneering spirit is needed to launch a business, it’s important to involve other people, whether it’s discussing your product or service with friends and family, or reaching out to the professional community for advice.
Avoid headaches by seeking a mentor, and surround yourself with people who have skills you don’t possess.
If you’re looking for startup coaching, talk to us today.