We often learn more from our failures than we do from our successes. But we don’t want to make too many mistakes, or else our startup may fail. To warn you of what mistakes to look out for in the startup world, this episode of Think Big Radio, Derek and Allison will give you insight into the top 10 mistakes entrepreneurs make.
These mistakes include:
- Starting a business for the wrong reason: Don’t start a business just because you’re “bored”. Start a business because there is a need in the marketplace.
- Choosing the wrong partner: Startups that run with only one founder are more likely to fail than those with two. Startups that have more than two founders are even more likely to fail.
- Not sharing your idea: When you don’t share your idea, you are not setting yourself up for success. Find a mentor, accelerator program or coworking space to share your idea with those who are in the same boat.
- Avoiding the pivot: Your business needs to pivot (in other words, your idea needs to change and be reworked). If you never change your original idea, your business cannot grow.
- Putting off legal issues: Address legal issues the moment they happen. Find a lawyer who specializes in working with entrepreneurs.
- Too much overhead: Don’t pull a “Tom Haverford” at Entertainment 720. Keep overhead costs low and focus on spending your money to build the business (i.e. product research and development).
- Hiring too many employees too early: Wear a lot of hats the first few months (or years) of building your startup. Hire slowly and carefully.
- Lack of goals: Write your business plan to include both your own individual professional goals and goals for your business.
- Too much focus on the product: Don’t be product-driven, be customer-driven!
- Not learning from your mistakes: Entrepreneurs are not perfect. Remember—if you’re not making mistakes, you’re not pushing yourself hard enough!
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