Entrepreneurship is an adventurous journey. In the starting, it looks cool, very charm-full, and full of fun. But with time, you will realize that it’s not a simple path.
You will understand and know that is not work in the way most people talk and pretend to be entrepreneurship.
According to data and statics, 50% of start-ups fail in the first year. And 90% of new business fails in the first five years of start-up.
It’s not because of lack of talent, capital, or opportunities, but mostly it’s because of a mistake by the entrepreneur.
In this post, I’m going to share a list of 20 common Startup Mistakes to avoid. Covering these mistakes in starting your business idea will not only make you successful in a startup, but you will also enjoy the profit of your business over time.
20 Startup Mistakes To Avoid;
1. Passion for money, not a business idea
Money is the by-product of business, and business is all about creating a service or product to help customers. But most of the new entrepreneurs start their businesses just to make more money.
When you just focus on the money side of the business, then you will not care for creating quality products and services, and you will never spend money on marketing or improving, which will lead your business to no customers and so no money.
2. Not team leaders
Leadership is a skill, and you have to master it by taking risks and challenges. A leader always leads from the front and puts more work and energy than other team members. Being a leader of the business, you have to work more than your team and so all team members will not only respect you but also will love to follow you.
But today’s most entrepreneurs love to be a boss or so-called cool Business leader. They just give orders and love to sit in soft, bossy chairs. They are not actually leaders and therefore their businesses fail.
3. Looking for overnight and fast success
Business is a long-term game, and you have to be consistently hard workers and be patient for getting the results. You will fail or will face challenges, but you have to keep your mind focused on the long-term success of your business.
The new age of entrepreneurs wants to be wealthy and rich overnight. They invest so much money because they want to be rich in the first month of their business, but actually, in reality, it doesn’t work like this. Your business will grow slowly and slowly.
4. They don’t know to sell and closing
Business is all about closing and selling. You have to persuade your customers why they need your customer, why they should take your service, what will be the change in their lives after using your products, etc.
Without knowing the skills of selling and closing your business will not grow, and later you have to close it.
5. Starting multiple ideas at once
Ideas look cool in imagination or mind, but it’s really hard in action. Today’s fancy entrepreneurs, start idea after idea because they think this idea will bring results and will change a life. They plan in their minds the success and growth.
But in reality, the ideas are just shit. Only execution will change the results. And execution is difficult, it needs to be committed to hard work and focus with patience.
6. Only ideas, no strategic planning
Coming with ideas is easy, but putting these ideas on paper and building a business plan needs a strategic mind and experience. You have to build the business plan on real market data, results, and research and not assumptions. But most of the new entrepreneurs make a mistake, making their business plan just on assumption and raw data, and therefore, they fail.
7. Trying to do everything on his/ her own
Every business unit is a mixture of different subunits and departments. And every department unit has a different leader and team members and experts. But most new entrepreneurs want to do everything on their own.
They want to design the product, logo, website; they want to create the marketing plan, write sales copy, direct ads, etc, etc. All these jobs are for experts in the departments, not for the leader of the business.
8. Just dreaming and talking but no execution
Results are only possible with action and execution, but most of our entrepreneurs just want or dream to be successful. They don’t put in work and therefore their businesses fail.
9. Making ego-based decisions
The business works on data and stats, not on personal or emotional feelings. Making ego-based decisions will put your business in danger and trap.
10. Hiring based on cost, not values
It takes time and hard work to be an expert and master in any field. No business success is possible, without hiring the experts and masters of the field.
But most of the entrepreneur makes a mistake in hiring teams. They don’t look at the expertise of the person, they just take and choose team members based on money or cost and that leads to failure of the business adventure.
11. Making everything perfect
There is nothing perfect, but you have to try things and learn from them. If you are waiting to make the product or service perfect, then you will wait forever. Business is all bout learning and growing. But waiting and making things perfect will lead to nowhere but losses.
12. Spend too much Money
In the business’s startup, entrepreneurs have a lot of money and funds, and so they spend on everything and activity. But at the end-of-year, they have no true funds in their hands. They don’t know how to control unexpected losses and expenditures.
13. They Stop Leaning
Learning and consistent learning are the keys to growth and success. Learning from mentors, coaches, books, seminars, and courses will give you guidance and wisdom on how to make your business successful, and how to stay strong in problems of difficulties.
But most of the entrepreneurs after starting up just sit on chairs and wait for the business to grow and shine. To make your business standing and grow you have to grow also mentally, emotionally, and physically.
14. No knowledge of marketing
True, Clear, and specific marketing is the key to the success of any business idea. Marketing is as important as the product. If you created a world-class product, but people don’t know about it, then it’s of no value. Marketing will make the voice and create awareness about your business and products.
The majority of new entrepreneurs don’t know about marketing. And they think that marketing just an extra cost to the business. They totally ignore the importance of marketing and that’s why they don’t grow and fail in business in the first year of start-up.
15. Don’t listen and learn from the advice of experts
Today, through the internet, the whole world is connected. And there are experts in every area and subject of business. The most pleasurable thing that all these experts share their experiences and business adventure and advice for free.
Anyone can learn from these experts and can grow their business. But when you don’t listen and learn from the experts, then soon your business will go down and fail.
16. Copying other business
Today because of social media, most people start businesses because others are doing so, and it looks cool to be an entrepreneur. When you copy other people’s methods and techniques, and really don’t know the purpose and why of your business, it will never make you successful in the long term.
For actual growth in business, you have to start the business from a unique idea and purpose, with logical strategy and execution, which will take your business to the next level.
17. Waiting for the right time
There is no right timing. Every time is right, just you need to take the first step and start the action. Waiting for the right time will cost you nothing but a waste of time and energy.
18. Hiring wrong people
For a glorious business, we have to build a powerful team, but most of the new entrepreneurs just hire the people they like and not experts.
And that hiring later turns the business into a position to stop. Just build a powerful team of experts without caring for cost, will take your business to the next level.
19. Don’t learn from other mistakes
Good people are those who learn from their own mistakes, and wise are those who learn from other people’s mistakes. Just study other entrepreneurs and businesses. Why they failed. And this will help and stop you from making mistakes, but also will give you the wisdom on how to grow and make your business successful.
Bur majority new entrepreneur doesn’t learn from the market, and they make the same mistake as other entrepreneurs, and so they close their businesses too.
20. Wrong Business Partners
Most of Young entrepreneurs start their business with friends or colleagues. But business is unique from friendship. Business needs commitment, focus, hard work, and strong action from every partner.
Our partnership should be based on skills, expertise, and experience. And not just based on friendship. If we are good friends, it doesn’t mean that we will be excellent business partners.
Business is the game of the right mindset, and you have to grow by learning from mentors, coaches, courses, seminars, and the market. You have to be prepared for challenges, obstacles, and learn from them.
You have to lead from the front and take the advantage of every opportunity in your market and industry. Learn here more about business and entrepreneurship.