Either you are just starting a new business or a side-hustle, there are alot of things you will and must encounter as you are making every efforts to make your business ideas comes to reality.
Among those things you will face are mistakes – you can’t do without battling with mistakes before and after the inception of your business.
These mistakes varies from Startup to financial mistakes.
Overcoming these entrepreneurial mistakes will be one of the most intriguing and favorable aspects of your life.
Starting a new business might seems difficult or somehow tedious to you as a beginner but believe me, their is nothing like impossibility in business, you either do it or quit!
If you wish to bring your ideas to life, the only thing you have to face are startups mistakes and financial ones.
Without wasting time with excess words, let quickly walk through the biggest startup mistakes that new entrepreneurs tends to make while building their businesses and how you can avoid those mistakes.
Here We Go;
7 Biggest Startup Mistakes You Must Avoid As A New Business Owner
==> (1) Overconfidence:
Why did I make overconfidence as the number one biggest startup mistake you must avoid?
Before going to my “why”, what do I mean by overconfidence here? Overconfidence in startups start from when you think you are the best and most promising young & new business owner.
Overconfidence in business startups will makes to believe that you can do what 5 workers can do alone although as a beginner, starting your business alone as a sole proprietorship may be okay for now but, it shouldn’t be forever. If you think that you are so educated or talented to handle 5 people’s responsibilities, then, you’ve attracted overconfidence to be your static!
They says Time is one of the most precious things in life especially in business. Averagely, a single human works for 8 hours per day.
If you are the type of entrepreneur with big business idea, how many days or months will it take you to achieve your goals alone? Most big entrepreneurs you are seeing outside there didn’t start alone, they started with one or two people who had the same business goals like them.
Don’t believe in working 8 hrs per day, even , the whole 24 hours is not enough for you. You are among competitors who are ready to crush you at any time, challenge them with your big goals and overrule the law that supports 8 hours working per day.
Can you start with 32 working hours per day? Wait… Are you surprised that I said 32 working hours per day?
This is what I mean:
• 1 person will work for 8 hours per day;
• Mathematically, to work for 32 hours per day will be 32 divided by 8 which equals to 4.
So, you can start with four people or if you are thinking about your financial status as at now, you can start with 24 hours per day (3 people). But, don’t ever think of doing the whole 24 hours day job yourself because I know that most people will think that they can use the whole 24hours in a day to work for themselves instead of hiring staff workers or freelancers. You will need to rest, sleep, think, eat, bath and plan for the next step in your business and these minor thing take more than 18 hours per day.
Also remember that, you can’t alone do business planning, developing, marketing activities etc. So, avoid the crap of Overconfidence and do your startup like a pro.
==> (2) Indiscipline:
If you are not disciplined, the future of your business will be at stake because everything you will be doing will be without guidelines and motives.
Being disciplined is one of the pillars that holds a successful business.
Either you are running your business alone or had a team of workers, you need to set up some rules and regulations for yourself and for them especially when it comes to being punctual, humble to clients or customers, accountability, grooming and other rules which are very important in building a good and standard business.
Mind you, if you have a team of employees, it’s wise you don’t play too much and rough with them. Although, you need to be friendly or jovial but you must not let your right to be wrong or let your wrong to be right!
Also remember that whatever you do or say, these your staffs will be reciprocating directly or indirectly. So, to avoid this crucial startup mistake, you must be disciplined and personally, you must worth to be a role model.
SEE ALSO: Biggest Financial Mistakes You Must Avoid As A New Business Owner
==> (3) Lack of Interest But Forcing Yourself:
Business is not something you should force yourself to do; If you don’t have interest in implementing a business idea, it’s better you leave it and think of another another profitable business idea which you really have interest for.
As an entrepreneur, you need to plan freely in order to clear any obstacles which might comes on your way to successful entrepreneurship system. For you to achieve this, you need to have valid interest in what you are doing..
You can’t achieve success in what you hate doing.
If you have interest in what you are doing, creating or coming up with a new business strategies won’t be difficult and by doing this, you are going to be the shortest distance between business and your customers/clients.
==> (4) Impatience:
About Sixty percent (60%) of some businesses that are no more on existence failed just because of impatience.
They said you can’t sow a seed today and be desperate to harvest it on that day or the next day; it will takes days for the seed to germinate and grow out from the soil. After coming out from the soil, you still can’t harvest until it’s fruits are fully mature for consumption.
A new startup or business is exactly like the seed illustrated above. You need to start from thinking of great and profitable business idea, implement the idea, market the idea… Grow your business with the best resources you can afford till the time you start seeing the profitable results. Even after the results, you must still continue to grow your business.
Although, life may have been perfectly created but we humans are not person! And this imperfections affects whatever we do.
You can’t expect your business to be person immediately you launch it but with patience and gradual efforts, you won’t be crush off by your competitors.
==> (5) Repackaging Unwelcomed Products or Services Consistently:
Hearing this may sounds meaningless but, it’s one of the biggest startup mistake you must avoid as an entrepreneur.
Rebranding a business name may seems cool but you should never think of repackaging any product that the consumers doesn’t fantasized.
If the product is not selling, ask your customers for what you may need to do in order to improve the quality of the product rather than giving it another man in another style or look.
If you repackaged a product that the general consumers or customers have rejected multiple times, those customers will loose interest in any of the good and quality products you may be producing in the future and, this has thereby tarnish your business image and shortened its future.
What if your product or service is being rejected or not selling because of poor marketing strategies? Then, you need to adopt the affordable social media marketing tips for business promotion, try hard as much as possible to grow your own and business’ social media presence and don’t forget to take business giggling (including your products and services) so serious.
In nutshell, instead of repackaging your new products or services, improve their qualities and stop marketing the right products to the wrong customers or marketing the wrong products to the right customers.
==> (6) Taking on Unnecessary Expenditures
Spending on unnecessary things at the beginning of your business is not just one of the biggest financial mistakes you must avoid but also, one of the biggest and avoidable startup mistakes you must avoid as an entrepreneur.
I know it’s cool to have a luxury officers, cars, computer gadgets, electronics, attending different workshops or business seminars, have a fancy and expensive website etc… But all these are still unnecessary for you as a beginner.
Instead of starting big, why can’t you just start from basic? You are just starting a new business and you are yet to make big profits.
Instead of starting with fancy offices, try to check maybe your workers can work remotely from home or, you can hire freelancers till you are able to make enough profits for premium startup.
Save as much as you can save and invest more on your startup and grow your business.
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==> (7) Afraid of Taking Risks:
This is also one of the biggest startup mistakes you may tends to make as an entrepreneur. Life itself is risky to live in and unforeseen circumstances do happens most of the time, but should this makes you to be an entrepreneur that’s afraid of investing or taking risk?
You may have great business idea that might even be very useful and welcomed by your potential customers but, you are afraid to invest on the business idea, do you think you will ever move forward? No.. You will just be having ideas over ideas without any turnaround.
If you are thinking of startup, you must be readily prepared for any challenges that may comes your way and this includes taking risks when you want to invest, sell, buy, spend, maintain, give and accept any offer.
For you to be a successful business owner, you must be able to take risks and actions whenever business’ nature calls for it.
Wrapping Up: 7 Biggest Startup Mistakes You Must Avoid As A New Business Owner
I believe you have gain something from the startup mistakes aligned above? Mistakes are also important in running a successful business provided you learn from them but, I’m not urging you to start making all these startup mistakes because you want to learn some lessons about business. But, rather avoid them as much as possible and try to learn from any mistake that may erupt in the future.
Don’t forget to build good business relationship with your customers because, they will also be affected by any mistake you make and, they can also provide meaningful solutions to most of the problems you may be battling.
If you can avoid these 7 startup mistakes, am sure you will become very successful in your startup!