Entrepreneurs and startups. Two words you will get to hear a lot. Young minds these days have so much going on in that brain up there. Plus everyone wants to be rich. Different people have different ways of being rich. Some come up with a unique idea as Steve Jobs did. Others just model on the ramps or star in movies. While some people just make use of the services like Spectrum cable TV and bet on which team will win in a certain game.
Whatever you have in mind, avoid these mistakes if you are an aspiring entrepreneur.
Taking it Personally
You and your business are different. Do not consider yourself as your business. Therefore, the time, effort and money that you spend on building an empire or kick-starting your business should not, in any case, interfere with your ‘me time.’ You should allow time to yourself and your friends & family as well. You are not your business. Therefore, you should not take anything personally as well. That does not mean that you become insensitive towards things. This just implies that you should not take an employee leaving as a flaw in your personality.
DO NOT underestimate the expenses and the money that you will need to kick start your business. If you really want to introduce your idea to the world, you will have to carry out a lot of research for that. And one of the major areas that require a lot of your attention is the financing. When you will be aware of all the expenses and would know your numbers better, you will feel more in power. You will also be in a better position to make decisions. This is the power of numbers.
Avoiding Customer Feedback
You cannot afford to do this. If you avoid customer feedback, don’t be surprised if your brand/product does not perform well. You are going to offer your products to customers. They are the ones who will decide whether your brand is here to stay or not. So, it is very essential for you to pay attention to whatever they say. Take their advice or feedback seriously and act upon it. Or at least try to. They should know that they are valued.
Stressing about the Competition
You should not ignore your competition. Because then you will not be able to perform according to a standard that’s set. However, your competition should also not scare you to the extent that it stops you from introducing your product to the market. You should actually consider it as an opportunity to learn. You can always learn from your rivals. Therefore, study your rivals. Don’t fear them.
The Wrong Partners
Choosing the wrong partners is the worst that you can do to yourself. Because you will have to take decisions together. And if there are a lot of disagreements, you won’t be able to perform well. Your business won’t be able to grow well. Therefore, don’t let a couple of exciting conversations with a potential investor or partner fool you into choosing the wrong one. Give it more time. Choose wisely. Because this partnership will go a long way.
Not Seeking out Mentors
If you think that you can do it all by yourself, you are wrong. You would need to seek the help of mentors or coaches in the beginning. They will provide you with guidance and will encourage you to take the right path. They will extend help towards you at every step. You will be able to learn a lot from their experiences. You will also be able to avoid a lot of troubles because they will warn you at the right time.
Do not Hire the Wrong People
Your employees will be a valuable asset to your company. But if you hire the wrong ones, you won’t be able to add any value to your brand. It is very important that you select carefully and wisely. One thing that you should note is that the wrong people do not mean that they are untalented people. It just means that you hired the wrong person for a certain job. That has nothing to do with their capabilities.
Processes for Everything
Another mistake that startups make is that they have processes for everything. Or almost everything. Please understand that you do not need to have documented procedures for everything. It just wastes time. It is good to have processes but it is also essential to adopt moderation.
Do not assume that you know the Customer
This is the biggest misconception that prevails in the minds of entrepreneurs. The truth is that you can never know your customer enough. And you should always try to know them more and more. Never perceive that you know everything about the customer. You will be at a loss.
It’s just like you calling Spectrum customer support centre. Although the system has all your details, the reps would still confirm them with you. And even after you have shared your concern or raised a query, they will ask you questions to know you better.
This helps them to provide you with a quality experience. This is the type of attitude you should have towards your customers. Hope you got hold of some good tips and the mistakes that you should avoid.