They think it is right, but in fact this could lead them to destruction.
Here's some of the mistakes that we hope you will avoid.
1. Thinking that startup can’t move forward unless it gets money
We found that a lot of the companies have come to us with the wrong mentality. They believe that the business can only begin when investors’ money comes in. Wrong perception, everyone! The key to a startup is to start small and fail fast. It’s totally possible to test the water with minimum budget. Start with your own inner circles first. They are more willing to give sincere opinions and try your product.
2. WAIT FOR THE MOMENT OF PERFECTION.
It’s that moment we all hope will come one day, but never does. too many of us miss out on the best opportunities right in front of us, because of this perfection mindset.
“I need more information before making a decision…”
“Maybe there’s someone better out there…”
“I just don’t feel 100% ready. I’ll do it next year…”
It has to stop.
Waiting for the perfect moment is like waiting for the white knight to magically swoop you up from your troubles.
So you have to start and put your product in the market even if not fully, over time you will learn how to develop and improve your product.
3. PUT YOURSELF AT CUSTOMER'S PLACE
Successful entrepreneurs relate to their customers by placing themselves in their customers’ place. They ask the questions their customers want to ask before they can give them the right answers. Also, relating to the customer gives you a first-hand experience on what else they would need from you as an entrepreneur.
If you want to have a successful business, start with putting yourself in your customer’s place. Think like them, feel like them, and just see what they need from your business. Offer them solutions not just product. Bottom line, a successful business has happy customers. So go and be like a customer.
Call it laziness, sloth, ineptitude, idleness, or whatever you like but the idea of doing nothing when things need to be done is often considered to be a sign of weakness or shirking.
Look at the founders of the leading businesses, see their weekly working hours, the results will surprise you.
You have to understand well, If you are not working hard to build and develop your project, you will stay in your place and you will not be able to achieve success.
5. GET READY FOR SOME LOSS
Let’s say that our game record is 8 wins - 7 losses. Overall, we have a winning record, but that also means we lost 7 out of 15 games. If you’re willing to experience some losses (and can afford to do so) then keep going and try in earnest to learn from your mistakes. Lesson: Establish a safety net because you can and will sometimes lose what you put into the pot (but with the bittersweet knowledge that you can only win when you do take chances.)
6. HIRING THE WRONG PEOPLE
For a new entrepreneur, it is very easy to hire employees recklessly. Most entrepreneurs neglect the cost of hiring too early and too fast. Coming across a resume of someone from a well reputed university or with extensive experience; it is very tempting to hire them immediately. Just because someone has an amazing educational or professional background doesn’t mean that person will be good for the job. Before hiring blindly, determine if that person will be able to do the job well and whether that person will fit into your company and honor the values that you want to follow.
If you hire the wrong people, it is only going to cost you more; damaging your business. You must carefully consider who you want to hire; outline the job description properly and assess whether the candidate is suitable for those responsibilities. Even with great credentials, a person can be unsuitable for a particular job. Think and choose wisely because this is a major decision which will have a strong impact on the future of your new company.
7. BEING CHEAP… AND NOT INVESTING ENOUGH IN PEOPLE, MARKETING AND LEARNING
“It takes money to make money,” is a perfect example. In growing your business, there are a thousand ways to spend your money, but there are three that matter most: people, marketing and personal growth (learning). Let’s focus on people here.