Learning to drive is an experience. The fear of failing your test, going into the wrong lane, or the multiple…
Mistakes Every Startup Business Should Make.
A child in their early years yearns to learn as much as they can. They strive to do better. Scientists have theorized that children between the ages of 0 – 6 learn more rapidly than adults. They make mistakes. They fall. And then, they try. They learn to pick themselves up. Learning from mistakes is the path to enlightenment. For a startup business, mistakes are part of the game. There is no such thing as perfection. We make mistakes and we learn from those mistakes. For a young entrepreneur who is starting up his or her business, mistakes are bound to happen. Committing those mistakes early on will help the business further down the road.
Hiring the wrong people
When first starting out, entrepreneurs need to work with an untested team. As your crew learns to work with each other, clashing personalities, conflicting ideas, and inadequate skills will inevitably be revealed. Fledgling business owners are placed in the difficult position of figuring out who’s an asset to the team and who is dead weight. As new hires come and go, you will learn to hone your interview questions to fit exactly what you’re looking for and trust your instincts regarding which personalities will best fit your company culture.
Miscalculating market size
Sometimes new entrepreneurs are so excited over an idea, they don’t take the time to do the research. The young business owner is stuck in a constant state of euphoria and optimism. Imagine that there is a product you are excited about, but in reality, the open market won’t necessarily take it. You fudge the numbers to get your investors excited. You don’t look for the truth. This is another common mistake that entrepreneurs make and must make to help them grow as a company. It teaches them that research isn’t a bad word. It’s the path to a successful startup business.
Go big or go home
Beginning entrepreneurs, sometimes go overboard when they’re starting up. They hire too many people or invest too much in office space and resources. This results in too much overhead in higher costs and lower sales. The business is defeated within the first few months of getting off the ground. The image is not everything in business. Starting up small and building towards a more concrete foundation is always the best solution. If you’re not even breaking even, then it’s pointless. Remember, a small business doesn’t start making money until after the first 3 years.
Businesses sometimes bring in unnecessary partners. In the film world, there is a saying known as “too many cooks in the kitchen.” A script may have multiple writers with too many ideas being thrown in leading to an unfocused, mediocre product. Similarly, too many financial partners interfere in the direction of the company. New entrepreneurs can learn from this and trim the unnecessary fat.
You’re going to fall. You’re going to make mistakes. You’re going to learn and move on. This is how you’re going to survive in the business world. Don’t fear it. Fear is a superpower. It doesn’t have to make you cruel or cowardly, it can make you wise. Use it and create a better future for your business.
by Setmore Appointments
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