Entrepreneurs are ready to make many mistakes on their way to success but some of these mistakes can be avoided. If we look at failure realistically, we can see that it is inevitable and that it is valuable experience only if you learn something from it. Empty failures are just failures that have no meaning and that don’t lead to anything constructive.
Failures can teach you something only if you change the way you do things and the way you look at the reasons for your failures. If you do the same things all over again and you expect different results, you are simply wasting your time.
Determined entrepreneurs must pay attention to the details and must analyze their mistakes in order to prevent future ones. Here you can find seven things that definitely will damage your startup and that you should pay attention to and try to avoid.
Undeveloped idea. We all have great ideas but launching a business over an undeveloped concept can destroy your startup from the very beginning. If you fail to develop your ideas and don’t create execution plan with all the key steps that must be taken, you are more likely to fail.
Lack of clear plan. If you don’t have good action plan and a framework for your future course of action, you are most likely to fail in your venture. Entrepreneurs, who fail to plan, fail to execute and fail to complete even the first year of their startup. Don’t let your business go with the flow. If you are here to stay, then take control over the course and lead your company to the right direction.
Undefined target group. If you don’t have specific user in mind when you develop your product, you are more likely to fail in your venture. Undoubtedly, your product must be innovative and must provide solutions for existing problems. If you are unable to determine who your target customer is, you will be unable to develop good product that brings satisfaction to the consumer.
Bad hiring. The startup team is more important than many entrepreneurs think. Hiring the wrong people can harm your startup from the very beginning. Choose carefully who you decide to work with: from the co-founder through the developers and programmers to the marketers. Every single person of your team really matters for the success of a newly-created company.
Lack of determination. This is probably one of the most essential things for every entrepreneur: the determination, the drive that keeps you going when the road gets rocky. Entrepreneurs must be highly motivated and determined when they start their venture so they can overcome even the hardest obstacles and build strong foundations of their company.
Pick the wrong investor. Many investors require not just a big equity, but want to have active role in the management and decision making processes in the company. Make sure that you are not driven by desperation for money when you choose the investors you are willing to start working with. Accept it as a partnership, as a mentorship, as an opportunity to reach mutual interest not only as a way to get cash.
Concentrate only on profit. If you concentrate only on making money, you are more likely to fail to grow your company or to grow too fast and fail even faster. Profits will come when the time is right. Entrepreneurs should concentrate on the development of the product and building the company than on making money. Money will eventually come, when everything is right. I am not saying that you shouldn’t expect to earn money, just don’t turn it into the main goal of your venture.