If you’re launching your first startup or still in the planning stages, you tend to take in all of the information you receive.
Even with loads of advice and tips to run a successful business, there are many mistakes that first-time entrepreneurs make when it comes to following your own instincts. A lot of successful business owners and entrepreneurs will offer you their opinions and suggestions, but in the end, you have to make your own decisions.
To avoid making a bad one, there are five big mistakes that you can avoid as a first-timer.
After watching The Social Network, keeping your ideas and plans secretive may seem like the best decision, but it isn’t. As a first-time business owner, you need to get your ideas out there and market properly to your audience. Sharing your product ideas and marketing techniques will allow you to gain insight as to how they will work or what you need to change. This can make you feel more vulnerable or susceptible to an idea being stolen but you’ll never receive any tips or feedback from people to improve your ideas.
It is human nature to compare yourself to others – how big your ears are; what style of clothing you wear; even how you eat your spaghetti.
Comparing your startups to others or yourself to other founders will not benefit you. Everyone is unique; all startups and startup founders face their own challenges, have their own issues and fight their own battles. Unless you’re looking for ways to improve your products or studying the competition and their marketing techniques, comparing yourself is only going to decrease your self-esteem.
Letting Your Passion Blind You
Allowing your passion in your company to blind you can be a business-killer. Every product you create will need revision and improvement – even your marketing plan, business plan and employees. If you get obsessed with the idea that your product is perfect the way it is, you’re closing your mind to any improvements.
Another way your passion can blind you is by assuming that you only have one shot with your startup. Staying open to new ideas can provide you with more opportunities. For example, this startup can simply be opening the door to something greater.
It’s safe to say that all problems will eventually harm your business. Regardless of how large or small a problem may seem, it is crucial to solve it immediately. Whether the issues are employee related or small financial problems, everything will need a solution – why not solve the problem and get it out of the way rather than wait until it explodes into something enormous?
Assuming That Anything Will Happen
Many first-time entrepreneurs make the mistake of assuming they can sit back and relax after their startup takes off. Having a quality product speaks volumes to your customers but your products can’t sell themselves. You have to create a marketing plan and continue working so that your reputation begins to form and you can begin creating a personal brand that your customers can relate to. The same mistake is made with investors – don’t assume they liked your product because they say they’ll give you a call, follow up with them and close the deal.
Everyone makes mistakes when they’re first starting out in the business world, but if you can prevent them before they turn into some huge, then you’re on the right path. Getting helpful information and tips as a startup founder can be difficult, but if you sign up for your free subscription to Successful Startup 101, you will have access to exclusive business advice that you won’t find anywhere else.