Running one’s own startup, turning one’s dream into a business sounds too good to be true. Entrepreneurship has become the newest glamours trend of 21st century where new startups pop up with every tick of a second. Out of the all newly emerging startups there are rare exceptions that prove to be well-functioning in a long run, as almost all of them fall for crucial mistakes that could have been easily avoided.
Those who are into heavy metal might have recognised the famous lyrics right away, which perfectly describe one of the biggest mistakes the new entrepreneurs make-wanting it all and wanting it all now. The easiest step to put oneself out for an instant disappointment is to expect a huge success in a short run. Having confidence in oneself and in one’s business is a great quality to have, but getting lost in the extremes and opting for unrealistic expectations is as equally harmful as having constant doubts of failure. Growing a business takes a lot of time and effort, growing a successful one requires twice of a hustle.Sadly enough many run into startups armoured with nothing but overwhelming amount of confidence and high expectations doomed to leave the battle soon enough.
As quoted by the father of modern physics Albert Einstein Insanity is doing the same thing over and over again and expecting different results. Despite the popularity of the famous line many entrepreneurs are confident enough to think that their business plan is so great it is an exception to the all time-tested rules. Inflexibility usually goes hand in hand with the formerly mentioned toxic habit that many entrepreneurs have, solving each and every obstacle with the one and only tool-confidence. In the ever changing market, that shifts and turns as each second passes by, being inflexible is the biggest crime against one’s startup.
If in the past the new businesses were preached about the glory of social media and were encouraged to put themselves out on any available platform that’s out there, nowadays the tactique has changed the course. After years of advocating for online activity, each and every business owner regardless of age and area of specialization has come to terms with accepting the amount of influence that social media has. Nowadays entrepreneurs are challenged with a new problem to combat, as in current times everyone has fallen for the new extreme. Everyone tries to be everywhere and all the time regardless of the fact whether that is actually necessary. With the endless notions of how crucial social media is many get sucked into a delusion believing that in order to boost a business, ads and promotions need to be present all over the web. The goal is tracking down the target and being active on social media platforms where the potential customers surf around. Unfortunately many startups waste too much time and resources fishing where there is nothing to be caught.
When 18th century poet Alexander Pope wrote his famous line “Fools rush in where angels fear to tread” he could have not even imagined how big piece of advice that would serve to the entrepreneurs of modern times. It is understandable how unbearable the waiting process must be, when one has developed a ground-breaking product mind blowing enough to solve the whole world’s problems, but launching immediately after the product has been built is nothing more than a temporary adrenaline shot. It is a common occurrence when developers get so blinded over the joy of their newly crafted innovation that they forget about the importance of MVPs and prototypes. Investing tremendous amount of resources in a launch of a product that has only been reviewed by its developers and gotten feedback only from the creators family and friends is guaranteed to stay within that circle.
The other extreme many entrepreneurs fall for is the idea that the number of employees is equivalent to the number of the sales-scale. The number of people involved shall not exceed the number of workforce needed. Huge but common mistake is hiring everyone that comes along. It is far more productive to have a limited number of people in your team each clearly knowing their tasks and responsibilities than a hive of minions all doing basically the same job with no significant outcome. As important it is to know whom to hire it is twice as crucial to know who needs to be casted out. When it comes to building a team friends and family have to wait and give a step to qualified individuals capable enough to contribute to the project instead of dragging it down. It is important to know that everyone is replaceable and it is vital to know when to let someone go.