As a startup founder, you are probably doing your best to give your idea the right head start, to establish a strong company and to make sure that everything is as it should be.
But in the world of business especially with startups, mistakes are bound to happen. After all, you are taking risks, innovating changing the world, and in that setting, there are some things that you can’t avoid. Moreover, there are some of the recurring mistakes startup founder make, and if you know about them, then you can learn to avoid them.
So, here are the four common mistakes every startup founder should avoid.
Failing to Have a Marketing Strategy
When you just start with, you are so in love with your idea that it can be hard to focus on other things, especially marketing. But if you want to succeed, marketing is highly necessary. And not just some willy-nilly marketing but a proper marketing strategy that will bring you growth and success.
When you do your business plan, make sure that you have properly worked out your complete marketing strategy from the moment your company is born to the moment you reach your goals.
No Proper Delegation of Tasks
Entrepreneurs are the people who think that they need to do everything in their company. And in a sense, it is understandable – it is their baby, their idea, and their life that will be most affected if it does not work. Moreover, you need to realize that you don’t have to do it alone.
Underestimating Startup Cost
Starting a company is never easy. But most of all, it is never cheap. You need to come into this with a full understanding of what it will cost and how you plan to get this money. Hire someone who is having knowledge in the finance area to help you calculate all of the costs at the outset; there are many things you probably never thought about. This is especially necessary if you need funding because you can easily get side-tracked and get less money than you really need.
Not Enough Emergency Funds
Just like with the backup plan, it is a mistake to think that there would not be any hidden costs or that there would not be any mistake that will cost you a ton of money. It is much better to play the safe card and always have some sort of emergency funds in case you need them. This is a necessity, just like the backup plan or proper growth marketing strategy. This does not mean that you doubt yourself but rather that you are a smart businessman. Make sure that you do have some emergency funds because you never known what can happen.
Forget About Registering Intellectual Property
They say real leaders own their mistakes, but there are some mistakes you can never come back from. Failing to register your intellectual property can bring your business to a grinding halt. There are actually people out there who find successful startups and register similar intellectual property.
The successful business in question then discovers they can’t do anything because they did not register their intellectual property first.
Registering intellectual property is such a simple and affordable process. Don’t allow big companies to overrun your efforts because you’re missing a trademark or a patent.
Rely on Friends and Family to Survive
Operating your business using your friends and family resources is a good short term solution. It should never be the only solution. One of the things that you don’t realize is hurting your business is using friends and family because personal relationships should never mix with the business.
They would not tell you what you don’t want to hear for fear of hurting you. You would not get honest opinions, and even if you do, it can hurt ten times more to hear criticism from people you care about.
Use their help during the early months of your business, but never come to rely on them.
Listening to the Wrong People and Not To The Right Ones
Mentoring while building a startup becomes fundamental, especially when the startup founders are in front of difficult decisions. Having someone that can result in quick and easier solutions. Moreover, the startup world has been in hype for quite sometimes now and as such as has attracted a number of people that label themselves as mentor but have no startup exercise.
Failing To Plan
There is no need to create a 40 pages business plan. Moreover, a basic strategic plan is needed to clear your head and write down ideas. Moreover, most startup founders who have not yet identified a business model for their business will also fail at creating a basic plan to follow.
Of course, plans do change. Especially in the world of startup, moreover, this does not mean that you should not write down some of the basic strategies you might want to follow in the midterm. Failing to plan is planning to fail.
Being a startup founder means that you are doing something different and that you are bringing innovations to this world. As such, you are bound to make mistakes, some of the biggest innovators of our and past times made many mistakes in their process of innovation. Moreover, if you know about these mistakes and if you know what can happen if you are not careful, you can learn to prevent them and create a better environment for your company to prosper in. Make sure that you are aware of these mistakes, and do your best to avoid them.