Classic Startup Mistakes
Avoiding some of the classic startup mistakes that have befallen many a former small business owner, can prove to be just as advantageous as learning these lessons for yourself – Only a lot less painful; and much easier on the bank roll! So why not learn to spot (and side-step) as many of these lessons as you can, from those who have gone before you; versus practicing on yourself . . .
Keeping some of these major reasons in mind (why some ‘Start-Ups’ end up going under before they’ve ever had the chance to really take off) while you tend to the business of running your own business, should steer you clear of most potential potholes that it may otherwise have be easy to fall right into.
If you’ve ever seen the reality TV show, ‘Flipping Out’ – ‘Flip or Flop’ – ‘Property Brothers’ – or any such similar home renovation series, one consistent lesson that you can always take away from each is that – Every time without fail, something unexpected comes up; and the roof of their budgets either gets pushed up, part of the renovation plan gets nixed, or other such ‘Corner Cutting’ and quality reduction decisions end up getting made – All whilst being in the midst of panic mode. The teams, companies and individuals who have already planned for the worst and prepared for these occurrences, are always the ones who overcome, come out on top – And make the most profit in the end! Apply this same mentality to your endeavors and avoid at least 1 big, budget-busting pothole!
I know this subject field is quite broad; to narrow things down a bit and keep it simple, I would like to mention only 2 specific areas under this one big umbrella, that I felt noteworthy.
1.) You never know where your most valuable (and invaluable) information is going to come from; so keep the channels of communication open throughout each level or tier in your company! If there is no established, ‘clear-cut’, procedure or protocol in place for an individual from one sect to easily access the ear of another from the next level up in the chain of command, then hurry up and make one! Out in the field is where some of the best innovations are born – your job is to make sure they get cultivated!
2.) Keep in mind that being a business owner is not a title that will EVER fall into the category of a ‘Nine-to-Five’. In order for true, unadulterated success – YOU, yourself must be REACHABLE quite literally 24/7! This especially becomes true when involving or expanding your business to include overseas and cross country collaboration! Also when you have others below you depending on you, your time becomes ever in demand. So suck it up and try to get used to it from early on!
Lack of Knowledge / Stubbornness / Unwillingness to Evolve
This one will be short and sweet. To put it quite plainly, don’t let your ego get in the way of your own success! To truly achieve success you just can’t think that you know it all – Period! You must never stop learning. Always be constantly growing and ever refining, redefining and learning your product, your market and your mission as a company.
Investing in your brand and your business will always pay off if you are making the right investments! Wouldn’t you say that more often than not, we get what we pay for? Just like if something sounds too good to be true, it usually is . . . Keep this in mind when forging your empire, right from the very foundation! If you try to cut costs by doing things that require certain expertise, you are only hurting your business.