There are many entrepreneurs that started their own business with their own ideas. Their ambition sometimes make them overlook some common mistakes that might happen in the industry. Before you initiate your startup, watch out for these seven most common mistakes that will cause major trouble in the future of your company:
Fear of Trying
First thing you have to keep in mind while starting your own business, you have to be fearless. Whether it’s a marketing or financial strategy, don’t be afraid to get your hands dirty and dare yourself to try something new. A startup is full of trial-and-error process in finding a right model for the business.
Doing research is the most crucial part to do in startup. You need to understand what are you getting into. The market, industry, and competitors are some points to start your research. The result of your research will help you to decide what to do next.
Poor Time Management
Multitasking is the key. At the early stage of your startup, you usually need to do everything by yourself, all at once. Although you might have coworkers in the future, you should manage your own schedule wisely. Accordingly, you need to understand your priority and be excellent in time management.
Hiring Wrong Coworkers
Building a startup is like building a house. Your coworkers are your building materials. In purpose to have a strong building, you need to use the best materials offered. Hiring wrong coworkers will not only affect your working environment but worse, the future of your company.
Choosing Wrong Channel
Product awareness and knowledge, promotion, social engagement, and networking are done within channels like community, social media, and partnership. You need to pick the right channel that suits your company model to achieve your goals.
Not Sustaining Networks
Startup is all about networking. You may have a lot of investors and customers but it doesn’t mean a thing if your don’t maintain your relationship with your networks. Your network could easily leave you when they think that you are not capable in network handling.
Ignorant of Feedbacks
Both positive and negative feedbacks are required for your startup’s evaluation. You need to understand what need to be stopped, what to develop, and what you have to do and avoid next time. Some entrepreneurs sometimes ignore this key because they are too focused on their goals, which is bad for company’s endurance.