I grew up in a neighborhood where people utter the cliché “experience is the best teacher” apparently to cover up for their mistakes in life. I totally agree that people make mistakes in life; however, the worst mistake is making the mistake every other person is making, when you should have been learning from their mishaps. Below are some of those fatal mistakes that could ruin your startup:
Making things too complicated
This is something you should pay serious cognizance to. While it is important to start your own business, it is advisable you start very small, most business empire you see and admire today didn’t just spring from the blue; they had their days of humble beginnings. Avoid making things complicated for yourself, if a website, newsletter etc is not important for your startup I see no reason why you should spend money designing or printing one in the first place. Remember, in business, the rule of “first things first apply.
Thinking that it's a one-person thing
In as much as it is good to be a soloprenuer, never get caught up in the illusion that building a business is a one man thing; the end of such costly assumption is a colossal failure. When I was about to start my business, I thought I had it all figured out and wouldn’t need an extra hand to help run my business until I was faced with the challenges in the business world. Today I know better that running a business alone can be challenging to say the least, hence you must throw away the illusion that you can do business all by yourself. Get a partner, a mentor and save yourself the emotional stress of watching your business fail.
Fear of customers
This is the very reason many startup businesses fail today. You must realize that the whole essence of doing business is to meet a need, offer a service or solve the problems of your customers. Hence getting a feedback from your customers on what product they want or how to improve the services you offer to them can go a long way. Unfortunately, the reverse is the case, many business owners are scared of failure and rejection that they find it difficult to talk to customers to know how better they can serve them. Starting a business without knowing beforehand the needs of your customers will spell serious trouble for your business.
If you think you don’t need good networking to be a successful entrepreneur then you are not prepared for business. Every thriving business out there is hinged on the good network and social media presence that business has been able to command over the years. Networking helps you build your own personal brand and give people the feeling that you are a very serious, dedicated and hardworking person. I can guarantee that you might not find it interesting at first but this would definitely yield fruit in the long run as far as your business is concerned.
Wasting time trying to juggle between side projects
Many startup businesses face this challenge day after day. Aspiring entrepreneurs fail to realize that in the business world, you take things one step at a time. Instead of putting all your energy into establishing several businesses at a blow, why not take it one after the other, that way, your business is sure going to stay above water level.