Are you making this 5 common mistakes as a startup
starting your business can be very risky and challenging but can also be rewarding at the same time.
it’s no news that startups business keep failing every year not because they don”t have the knowledge of
running the business but they kept making some common mistakes, but the good news about making mistakes in business is that you can still learn effective entrepreneurial skills from your past mistakes.
have highlighted some of the most common mistakes that startups make that you need to avoid.
Most common mistakes
- Trying to impress: you been an entrepreneur or a business owner is not the time for you to start showing off or impressing your friends or people around.
have come across startups entrepreneurs with a very low turnover but always spends more on friends or social gathering.Just because you started earning more than your pears doesn’t mean you should start impressing them with the way you spend.
A good entrepreneur reinvests his profit to grow his/her business.
one thing most startups forget is that profit is not fixed, its possible you profit of #100,000 and above in the first quarter and in the second quarter you struggle to make #40,000 profit.
so as a startup entrepreneur don’t be in a rush to start impressing people around you when the money starts coming, don’t forget you are just starting you still have a long way to go.
- Ignoring data: you can’t just believe you will succeed in business using your own personal view, having a brilliant business idea without conducting adequate market research is a risky move to lunch into any business.understanding whether there is a market for your product or service don’t forget your business must be solving a particular problem before it can be successful.
once you collect those data, use them to create key performance indicators or milestones to show that your business is progressing.
you can also read through this 11 advance tips to succeed as an entrepreneur
- Scaling too fast: As a startup, you need to be fully involved in all aspect of the business. you need to be very careful not to spend money on wrong things, like trying to hire too many employees so quickly or trying to expand office space when not necessary.I have seen lots of startup business facing this problem, they drained their budget on things that aren’t essential to expansion without putting the state of their business into consideration.
- Too many debts: many entrepreneurs often think if they could raise another round of finance than their problems are solved.
it’s not always advisable to start a business on %100 loan.when you service too many loans as a startup it limits your expansion, so be very careful when assessing fund.
- Fearing failure: when you fail as an entrepreneur you gain more confidence, one major problem many startups have is fear, fear of investing or expansion.if you didn’t fail then there is no room for improvement. although we all know its hurt to fail, what you should know is that its a risk for you not taking that risk.
I think have been able to open your eyes to see the mistakes most small business faced and for the new startups
I think you can apply this tips to move your business forward and create a better business environment for yourself.