Beginner startup founders usually have great optimism when planning their projects, which is very essential in the beginning, and a strong motivation to continue to make efforts and overcome initial challenges, but it also represents a big danger to the founders, as it makes them overlook the mistakes that they should Avoid them because they are not nourishing for that optimism, which brings them many disappointments later.
Although failure is considered a major part of the learning process in the belief of many people, despite this no one wants to face failure in their work, especially with some mistakes that can be avoided, as they are not considered part of the learning process in the first place. Falling into it could spell the end of your company forever.
So before you think about mistakes as a way to learn, you should prepare well to start your company, and know the mistakes that you should not fall into, because trying to fix them may not be easy at all.
Here are some mistakes that startups and entrepreneurs should by all means avoid if they want their brands to succeed.
If you do not want to lead your startup towards failure, then you should continue reading the Blog to know the mistakes to avoid while creating and running a startup.
1- Build something that nobody needs
When an entrepreneur has an idea that he wants to implement, he often believes at the same time that it will be successful and that there is a need for it, and therefore individuals will accept to buy it. But in the end, the idea alone is not enough, rather it requires a good understanding of the target audience and knowing whether there is really a need for it or not. Statistics show that 42% of startups fail because there is no real need for their ideas in the market.
Overcoming this error: It is indispensable to do a market research process before starting any work, and know whether the audience really wants to obtain your product or service or not. Market research includes understanding your potential customers, competitors, and the company’s implementation site, so that you can finally make sure Having a need for your idea ensures that the audience will buy.
You can also start producing a product with minimal features to present to your customers to test the idea, evaluate the reactions to it, and thus ensure that the idea can succeed when completed. So don't start with just the assumptions you have in your mind, but always try to evaluate things from the perspective of your customers, they are the basis for success.
2- Listening to the wrong people
Founding a startup often contains many details, as the nature of its business is often complex, and therefore you can not do everything alone, this makes getting guidance and advice from people who can help with a simple and effective solution. But in fact, reaching these people is not easy, especially with the recent popularity of the idea of entrepreneurship in the world, and therefore many individuals turned to him and some claimed to have the ability to provide advice and guidance, but in reality they do not have the experience required to help.
Overcoming this error: This does not mean not using the solution, because it is still an effective solution that helps you in establishing, but before asking anyone for advice, make sure that he has the ability to provide advice and guidance in the right way, by having experience in corporate life. emerging, and therefore be careful in choosing these people, but once they are there you can accept the advice they give.
3- Planning without thinking about cash flow or a clear business model
As they say that content is king in the world of marketing, cash is king in the world of startups, especially at the beginning of the company’s work where there is a high rate of exchange, and therefore entrepreneurs always worry about this matter, as it can lead to a big problem, As a result, many companies, when they start, do not have a clear business model in mind, so they do not know very well how much liquidity they need to continue over time.
Overcome this mistake: Use the cash flow statement frequently in your business, so that you can keep track of the expenses you incur, and know how to remedy them before they negatively affect you over time. Also, don't rush to get started, and try to get the clearest form regarding your company's business model.
4- Failure to plan
“Failing to plan is planning to fail” is the most famous saying that explains the benefit of planning for any activity that a person performs, where the absence of a plan and the absence of clear strategies leads to the company losing its direction, and even with the fact that plans change in the world of startups, there must be a basis that can be relied upon In change, so the company doesn't get completely derailed and failure is the result.
Overcoming this error: You must determine the general strategies that you will follow at work, by creating a basic plan for the company, and with time you can make adjustments, but in accordance with your vision and strategy set at the beginning, so that you keep the company on the right path.
5- Thinking about financing as a solution to all problems
As a result of the importance of cash liquidity for companies, some founders think that financing may be the solution to the problem, and this is true, but it is not the only solution that suits companies, because with the ease of obtaining financing these days due to the availability of many options for that, but the presence of investors makes it difficult to work in the company, And it makes you focus on following them and trying to please them and their interventions at work, which may affect your general orientations in the company, which is something that companies do not want in their early stages.
Overcoming this error: You have to understand the different stages that your company goes through, and that money is important, but it is not your only priority. First, take care of establishing a strong business model for your company that helps it to continue, and then think about financing options. This does not mean inviting you not to pay attention to the financing opportunities that are available to you, but only to know the right time to take advantage of them, so that you are able to lead the company to achieve its vision in the beginning without being affected by any other factors that may hinder this from happening.
6- Starting the company for the wrong reasons
Invitations to work in the field of entrepreneurship seem tempting to many people, and make them believe that this opens a path for them to wealth, success and earning millions, but in reality the matter is completely different, because the path of entrepreneurship is long and full of difficult challenges, so if you do not have the motivation to continue, you will quickly lose Desire to work with increased responsibilities and pressures of the company.
Overcoming this mistake: Of course, everyone wants to achieve success and wealth, but this does not depend only on startups, it can be found in anything else. So, in order to start your startup, you must have a motivation that keeps you motivated in the long run, such as your passion for the idea and your belief in the value you provide in the company, or any other factor that you know will help you continue to work with enthusiasm.
7- Reliance on probabilities
One of the mistakes that company owners make is their reliance on the possibilities for the success of their work, and they leave room for it to become the main influencer of their work. Of course, circumstances cannot be controlled, but the fact is that the owners of the company are the main controllers of their success, and if any failure occurs, the reason cannot be directed to others, but rather they must always work to possess the mentality of correction and making the event without waiting for any other factors.
Overcoming this error: You must from the beginning have a growth mindset within the business, which helps you deal with variables, without relying on others or on possibilities. Be realistic and understand how well you can manage different situations, in order to ensure that you can actually make things happen.
8- Unwillingness to sell
What if you have a really great business idea but can't sell it? In fact, others will not believe in your ideas and promote them with the same conviction as you, especially in the beginning, and therefore relying on hiring people to sell and being satisfied with that will not help you achieve success as you expect.
Overcome this mistake: You must realize the importance of going out and talking to people about your ideas in the appropriate way, otherwise you will not be able to sell. At the beginning of your project, everything depends on your convictions and the attempts that you implement. If you are not ready to sell, prepare for failure. Get your show ready, go out and talk to people everywhere, at different events, on social media and anywhere you can sell your product or service to others.
9-Partnership with the wrong people
Partners often represent a major part in the success of your company, due to the effort required to work in startups, and the presence of partners enhances the chances of success. Some tend to choose a partner without specific criteria and are content with being from their family or among friends, and then problems begin to occur as a result of the inability to understand and solve problems.
Overcoming this error: Just as you set your own criteria for choosing people who can advise you, you should set special criteria for selecting partners, whether there is a common motivation to work and similarity in ideas and values, thus ensuring a partnership that can succeed for life.
10- Not having the right balance
Some people think that he gets rid of the job to work in his own company at the time he wants, but in reality the matter is completely different, as owning a startup means working 24 hours a day, 7 days a week. And it is difficult to obtain vacations, as a result of the importance of the founder’s presence in the details of the work permanently.
Consequently, some of the founders find that they are forced to work continuously, which affects the details of their private lives and leads to bad results such as health and psychological problems, only to find themselves unable to manage the work with the same efficiency as a result of the state he reached.
Overcoming this error: Despite the importance of working within your company, this should not affect your private life, as you will often find that you have had problems with your health and relationships, which will make you lose the desire to work as a result.
So think about finding a way to balance, even if you see your work as of paramount importance, there are other aspects in your life that should be taken care of, try to set a new routine for your day, that guarantees you to continue working, but at the same time helps you to be with your family and friends, these factors alone is enough to help you in the continuity of the business.
Working in startups is not easy at all, and there are always mistakes, so it is important to benefit from the experiences of others and to know ways to deal with these mistakes, especially the fundamental ones, so you can solve them early without leaving them the opportunity to negatively affect you during work. This does not preclude the possibility of some of them happening. If this happens, it is a learning experience for you that you can analyze and benefit from. The most important thing in all of this is that you have the mentality that is able to learn from mistakes and address them.
What can make or break a startup is hard to say. It's probably not one thing, but if you try to avoid the most common mistakes, you'll reduce your risk of failure. Give your best to your company and your employees, and success will not be late.
To build a strong startup you must read this blog and follow these steps: How to Launch a Successful Startup in 2023?