Entrepreneurs are often considered as the people who’ll have a positive outlook towards any problem they face. Obviously, that is bound to happen, especially when you’ve put all your energy, belief, intellect and capital into something that you wish to see grown in the near future. You nurture the idea, put whatever resources you can manage, build a team, segregate departments and get going towards accomplishing mutual objectives.
But, have you ever thought that what are those certain subtleties which distinguish an aspiring entrepreneur from a successful one?
Of course experience counts, but are there some mistakes that you are likely to commit as a noob?
Yes mate, there are. However, you needn’t worry. The section below will briefly elucidate over seven of these most common mistakes and walk you through the path to efficiently handling them. Dart sufficient number of glances to be crystal clear regarding these in your mind.
1) Being the Only One
How many single handedly founded companies do you see today?The question itself explains the point. You might think that Oracle had one, but it turned out to have more. A partner could help you locate the blind spots that you overlooked during the envisaging phase. If you still insist on going solo, at least get a team of trusted advisors who will definitely provide an objective outlook to the business goals.
2) Choosing the wrong location
It’s quite a renowned fact that startups prosper in some locations not all. According to an article on Forbes, places like San Diego, Denver, Austin, Seattle, Portland, Boston etc. count as the best places to launch a startup. You should also consider the factor of your product/service being in demand at the location you’re functioning from. Startups proliferate in cities majorly, availability of experts, higher standards of living and presence of supporting industries being the prime reasons.
3) Laying Less Stress on Marketing your Company/Brand
Even if you’re providing the best services in business, there won’t be any revenue unless people know about it. Even the greatest directors like James Cameron ( having made a billion-dollar Avatar fame) market their movies, six months prior to its release. Set some budget aside for marketing and promote it as much as you can. Using social media can be a lucrative alternative in such a situation.
4) Hiring an Incompetent Staff
When it comes to hiring, one of the biggest blunders that you might commit is not thinking about the fact how a potential employee would fit into your plan and vision. Hiring solely on the basis of aptitude, without even considering the attitude might also turn into a fiasco. It is just the first step towards hiring a candidate. Attitude plays a major role in determining the employee’s compatibility with the organization and other workers.
You can jot down a few points or a detailed description of the job you’ll be recruiting for. This would make the process more accurate and open to someone who’s a good fit for the role.
5) Managing your Investors Poorly
Every startup needs money to run. But you need to exercise great caution in raising and handling funds. Giving up too much equity during the initial phase might take things downhill. However, if you do, make sure to have your interests protected and maintain the ‘controlling rights’ of the company, if you’re the brain behind it.
6) Not Heeding to the Customers
Before launching your product/services, give these questions a good thought:
Do the customers want this product/service?
Why would they buy it?
Answering these questions would give you a better idea, as to why or why not should you launch it. It’s better to spend some extra time and money on need analysis than suffering from loss during the late stages.
7) Getting in A Clash with A Co-Founder
Fights between founders are a common thing that most of us have heard of. Nevertheless, it is the prime reason for any promising startup to fail during the initial stage itself. Having alternate vision for the business or simply being on different wavelengths while taking decisions might lead to a clash and ultimately closure of the brand. All you need, is to form certain personal agreements over business objectives that have to be kept mutual. Compatibility is not a one day thing to be gained, it grows over a period of time.
Of course, your hard work will pay off results. Perseverance is the key to accomplishing any objective in this whole wide world. Just keep the tips mentioned above in mind while moving forth. Rest will fall in place by itself.
Read more Startup Tips here!
Article contributed by Startup Jobs Asia‘s Guest Blogger, Anshuman Kukreti.
Author Bio: Anshuman Kukreti is a professional writer and a keen follower of the emirates job market. An engineer by qualification and an artist at heart, he writes on various topics related to employment and growing enterprises across the globe.
Reach him @ LinkedIn, Twitter and Google+.