Common Startup Mistakes And How To Avoid Them

“A person who never made a mistake never tried anything new.” – Albert Einstein

The only way to succeed in anything is to firmly believe in it and be persistent. Entrepreneurs should be optimistic, especially when it comes to starting new and innovative businesses, but those more experienced know that you can’t really rely on optimism and passion. Mistakes are to be made and to teach us, but there are some common roadblocks and obstacles that you can surpass and avoid an extra headache. Focus on these suggestions for a minute, because they will surely be of some help to you.

Image credit: Flickr.com

Not Saying “No”

This can be difficult, especially when you are a young and “hungry” entrepreneur, wanting to be everywhere and attract potential clients by any means. But accepting various commitments can get you in trouble. Accepting more obligations than you can handle can slow your progress down and take the focus off the really important things. Learn to say no when necessary, it is an interpersonal skill that needs to be practiced. Refusing unnecessary coffees, events, free services, lunches or projects your heart is not into, can be crucial for maintaining your business progress.

Perfectionism

Vince Lombardi, a famous football player, once said that perfection is not attainable, but if we chase perfection we can catch excellence. If you feel stressful because you have not achieved your ideal, the advice is to lay off of it. In business, you often have to sacrifice certain things, take a step back, analyze the cost versus benefit and prioritize. If you focus on the elements that are great, but not essential for the startup, you will end up with a lot of time wasted. Concentrate on the core of the business.

Treating Every Advice As 100% Reliable

Having a good and experienced mentor or consultant is important to you and your business, especially if you are a young entreprenur. But, when launching a startup, there are not many people who you can turn to for advice. In the beginning, investors are there to bring both money and advice, but they are not 100% reliable and can get you into trouble. Always perceive it critically, do your own research, regardless what other people tell you, and see whether it is worth accepting or not. After all, it is your business and you are your own best advisor.

Image credit: Flickr.com

Not Listening to Customers

A good feedback is priceless. After all, the success of your product or service depends on whether more people would buy/use it. Define the target group of people that you think would be interested, and after a few months of work and some initial success – talk to your customers. Continue to communicate with them constantly to find out why they buy your product. They are the best critics an entrepreneur can have, and an invaluable source of information regarding their future needs and ideas about product or service improvement.

Not Ensuring Your Debt Collection

It takes several years before your business becomes completely liquid. There will be periods when you will owe money and when money will be owed to you. Constant fund fluctuation is what fuels your business, so you must be sure that all debts would be paid off for you on time. In case of debt recovery issues, when you cannot charge for your product or service, a possible solution is to turn to people specialized for debt recovery for help. They would know the unique circumstances in your area of business and the best specific collection strategies that would suit you.

Too Much Planning

Planning out every detail in business, as in life, is not necessarily a good thing. You surely need to have a vision, a destination, but when it comes to the journey itself – that is where everything happens, and detours from the original plan are quite frequent. Be more mindful of the present, and don’t spend your time constantly planning everything. Good execution is more important than processing, planning and devising business strategies. You have to make mistakes in order to learn what success is and to enjoy it the right way.

John Stone

John Stone

John Stone is a business consultant who tries to live life to the fullest. When not working around the house he enjoys watching Formula 1.

Leave a Comment