Avoid These Common Startup Mistakes
Starting a new company is surely up there among the most stressful tasks in the business world. It can be such a rewarding experience, but there are many ways in which it can go wrong. And, as many unfortunate startups have found out the hard way, things will go wrong if you’re not careful.
One of the strongest aspects of a good startup owner is a sense of enthusiasm and optimism. It’s what’s going to get you through the very difficult early periods. It’s what’s going to keep your eyes on the prize as you work your way through late nights and financial hurdles. But too much optimism can also cloud your judgment. It can blind you to problems you may have in the early starting stages. Try to look at your startup carefully and objectively. The problems listed below are common mistakes that all new business owners often make.
Resolve Any Conflict Within Your Team
Unless your startup is just you (for now), you’re going to be working with a group of people all with a common business goal. Or, at least, that’s how it should be. Let’s face it. A bunch of sharp, enthusiastic, business driven minds? Conflict, even if minor, is surely inevitable at some point. Many startups have the luxury of starting with a group of like minded friends. But if you do sense any conflicts, make sure you find a solution to the problem before advancing.
Have The Right Investor
Investors can be strange, fickle creatures, as people can be. If you’re going to be getting your funding from a venture capitalist, you can’t just go with the first person willing to write you a six figure check, as strong as the temptation might be. You should really aim to work with an investor who could almost be part of your team. Someone who isn’t just financially invested in your team and your product. They should have some personal desire to see you succeed beyond financial gain. Another option of course is you could look at various crowdfunding options.
Don’t Forget About Marketing
It’s crucial that you have a marketing plan in place. Even if you don’t have anything ready for public consumption yet, you need to be thinking about it. The efficacy of your marketing campaign is a large part of what determines your future success. And if this article is trying to communicate anything to you, it’s that strong planning is vital. This thinking should be extended to your marketing. If you’re feeling at all stuck or just not sure where to start, you should consider working with a professional digital marketing agency.
Be Realistic With Your Goals
Don’t let your eyes be bigger than your stomach. Don’t bite off more than you can chew. These statements, and other similar food related platitudes you can think of are important. This is about curbing that previously mentioned optimism and enthusiasm. Review your business plan (you do have one, right?) with a fine toothcomb. Be cold, ruthless, realistic. Is there anything you’ve planned that might be a bit too much to aim for right now? It’s not that you shouldn’t be aiming high, but remember that you’re going to be working with a limited budget and little public interest in the beginning, so managing your goals and expectations is key.