You have a great idea you just can’t wait to implement and you are pretty sure that the world would benefit greatly from your product or service.
But the entrepreneurial journey is not an easy one. It is filled with a lot of challenges which may be internal or external. To help you steer clear of some of these challenges, these are some mistakes entrepreneurs make when trying to get their startups off the ground.
They underestimate how much time and money getting off the ground will take
During the early days of a startup, many entrepreneurs think they have enough money that would get them through the lean days. But in reality, it is different. Make sure you’ve got some extra financial padding. You may also need to hang on to your full-time job a bit longer while you work on your startup during your free time.
They take too long to lunch
If you waste too much time on an idea, you may be wasting time creating something that is not quite right for your customers. It’s been to get what you are offering in front of them and let them play a big role in creating what they need most.
They fail to begin with the end in mind
Michael Fellow, the founder of Broadway Lab says “In most cases, entrepreneurs begin with excitement and optimism thinking they will do whatever it takes to succeed”. It would be better for entrepreneurs to adopt a big picture from the outset which will force them to ask tough questions sooner rather than later. This would give them a roadmap to refer to when things get difficult.
They don’t research their competition
Competitors help you validate the market. You don’t want to get into a market that has so many competitors that the market becomes saturated. You need to ask yourself a key question about the problem your business is solving and find out if the problem is widespread enough to warrant creating a business to solve it.
They don’t evolve when they should
Many entrepreneurs fail to pivot despite the fact that their original idea isn’t taking off as they hoped. It is important that you respond to what the market needs instead of what you want to give it.
For example, YouTube started off as a dating website, but the founders realized the market didn’t want to date via videos – but they wanted people to be able to upload and share videos.
They spend too much, too soon
You need to be frugal when starting a business. It is not the time to buy expensive chairs and fancy offices. Keep your organization lean until you reach a revenue level that you can truly support employees.
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