Starting your own business can be rewarding and challenging at the same time. Beyond the prospect of making more money than working under someone else’s direction, having a company of your own lets you have the option of a more flexible lifestyle. As you will be in control of your business, you can arrange your own work schedules and follow your passion while doing something real for the community.
As good as it might sound, building a startup also comes with its own challenges. You have to put so much effort in order to succeed in making a business from scratch, sometimes at the expense of your precious sleep. To make matters worse, sometimes plans do not go well as expected. Along the way, you might have to deal with failure as the road to every success is not a bed of roses as you have to handle the thorns, too.
While each entrepreneur has their own challenge in running a business, there are basic knowledge that you should learn before building your own startup. The best way to achieve success is to learn from mistakes, either from your own or others. Here are the 7 common mistakes a newly-built startup founders mostly do:
01 Not have a partner
First of all, it is not a bad thing to build a business all by yourself. However, building a team can hardly be done by oneself as you need to do brainstorm and discuss business ideas, such that you can share your thoughts on something. A partner is not only able to help you in these processes, but also provides different insights on the matter and motivates you. Moreover, if you have a teamwork, there will be esprit de corps. This is one of the most powerful forces a human can have, something you cannot have when you are just a single founder.
02 Choose bad location
Just because you are living in a rural area, doesn’t mean you should build your startup there, unless the target customers are the people in your neighbourhood. If you envision to build an impactful organisation that will grow to be the next Amazon or Apple, then you should find a strategic place. Urban areas can be the best place to build a startup. Why? Because it is where most the experts stay. Starting a business in the cities is also easier as the infrastructure is far more established than in the rural areas.
03 Do not release your product early
Waiting till your product ready to launch in future is an old method already. This will waste lots of time and delay the time to launch your product. An early product launching can give you early feedbacks from users so you will know which product or service needs improvement. However, you should not launch your product too early unless you are really ready because your customers might think that your company is incompetent and not taking things seriously.
04 Skip market research
Another common mistake founders do is that they do not research the target market in detail. They tend to only see the surface without thinking the long-term impact for their company. In the end, your business startup might not end well. Therefore, you should do a proper research and see if it can work for your new startup or not. Another benefit of conducting a research is that you can set a target of ideal clients well and hire the right talents to help you in achieving your goals.
05 Fail to adapt to people
If people don’t like you or the business you are running, there is a great chance that they will never involve themselves to do a business with you. Consequently, your business will never grow as none wants to collaborate with you. Therefore, it is important to build a likeable personality, hone your customer service skills, and build good relationship with employees as it can be your biggest asset in ensuring company’s growth.
06 Hiring wrong people
Steve Jobs said, ”When you are in a startup, the first ten people will determine whether the company succeeds or not. Each is ten percent of the company. So why wouldn’t you take as much time as necessary to find all the A-players? … A small company depends of great people much more than a big company does.”
That being said, it is important for you to find the right candidates to fill crucial roles in your startup. It is okay for you to hire a bad programmer as you can always train all of your employee but never ever hire a wrong programmer.
07 Not give all the effort
Human nature, sometimes, has a desire to give up when everything goes wrong and not as what we expect. But as a founder, you cannot do so. You should give all your heart to what you are building now. Therefore, surrounding yourself with supportive team and fun working environment is a must in a unicorn company.
Read also: 4 Strategies to Attract Potential Customers to Purchase Your Product