Here are the common startup mistakes to watch out for!
Building your business without a business model.
Not having a plan. Being overly rigid is a big mistake that new entrepreneurs seem to make all the time. There’s almost an obsession with having a detailed action plan for launching a new business. While this is great, if you don’t plan to be rigid in the first few weeks, you’re likely setting yourself up for failure.
Not having a business model. Unfortunately, many new entrepreneurs seem to think that if they can simply throw together some cheap software and call themselves “startups”, they’ll be able to skip over all of the necessary startup mistakes and just keep on going. While this may work in some circumstances, it’s not normally the case. Define your business model using tools such as the Lean canvas.
Failing to ask for help
Building a new business without asking for help is another one of the common startup mistakes for entrepreneurs. Many new companies fail because the creators were too proud to ask for help or were too stubborn to do so.
Not having a clear vision or purpose for their new company.
No clear vision or purpose. One of the top mistakes for new businesses is not having a clearly defined purpose or vision for the company. Many times, startup companies have a vague idea of what they hope to achieve but have no means of putting it into practice. To avoid these common mistakes, start by writing out your company’s goals and objectives before you even begin building the business.
Trying to do too much at once.
While there are countless small things that must be taken care of during the startup process, there are also many other large tasks that must be taken care of as well. Many entrepreneurs find themselves trying to accomplish too much at once — including hiring employees, building out marketing strategies, and more. A key to being a successful, frugal entrepreneur is finding the sweet spot between being successful and being too successful. To do this, consider hiring a mentor — someone who can provide you with professional advice and help you build business ideas that will help you reach your goals.
Being too eager to spend money.
Although some new businesses do well when they first launch, more often than not, they end up in a big hole. Entrepreneurs often spend all of their available capital without really analyzing how their business will fare after a few months or a few years. To avoid being one of these entrepreneurs, it’s important to understand that there are several ways that you can test the marketability of your startup idea before you ever decide to spend any money — some of which include using high touch methods such as 1:1 presentations, creating campaigns to draw attention to your product, and more.
Looking for a lean startup coach to help get your business off the ground?
Note: All images have been taken from Canva.com and are not subject to copyright.