These actions could have serious consequences for your company. Avoid falling into them!
In the beginning of your startup you will face many difficulties (many!). On the way to solve them, you may make some mistakes, which although small, can bring you serious consequences.
But it is not our intention to discourage you: what we want is to convey to you that, as an entrepreneur, you must be cautious and not make hasty decisions regarding your business. Then we give you the tips so that you are alert and do not fall into traps.
1. Start the company alone
If you decide to undertake a project alone, the safest thing is that it will be more difficult to make it grow, because you will not have enough financial resources or external support to strengthen it.
The most advisable thing is that you start with a small team or with a partner to help you manage the administrative and financial tasks, which are the most complex. Don't be afraid to share your successes and failures!
2. Invest little time in marketing your product
It is common for entrepreneurs to spend too much time fixing details before marketing a product or service. However, spending too much time on this aspect can play against you when competing with other companies in the market. Take enough time to plan a marketing strategy and keep your eyes open to take advantage of your market opportunity.
3. Go to a niche too small
Hoping to avoid competition, many budding companies choose to target niches that are too small. However, this could be a death sentence for the expansion of your business: when your company starts to grow, the niche will not. It is advisable to expand your offer of products or services as you undertake.
4. Listen to advice from inexperienced
When you start a business, you will hear many voices that will tell you how to do things … but don't let them confuse you. Just pay attention to those who do know about entrepreneurship and know how to run a business . Preferably, look for a mentor to guide you along the way, and in whom you can trust one hundred percent.
5. Generate unrealistic expectations
In order to obtain financing “at any rate,” some entrepreneurs generate high expectations that they are often unable to meet. Make sure that everything you offer to partners and investors is supported by a study of your market, as well as solid financial projections.
6. Not having a business plan
If you want your company to progress, you must develop a good business plan that is able to see the opportunities offered by the market, meet the needs of consumers and overcome the difficulties they will face. This is the map that will allow you to set goals, detail the structure of your organization, its way of operating, and make an opening, operation and advertising budget, among other aspects.
7. Not having a plan B
Do you suppose everything will go according to plan? Maybe yes, maybe not. Every entrepreneur must think of an alternate scenario that allows him to survive the difficulties, especially in the first years of operation.
8. Launch too early
Waiting too long could detract from your product or service, but if you launch too early, you run the risk of “burning” your reputation. If you do not have a defined approach, you have not identified your niche market and you have not found a possibility of growth , you may have to wait before jumping into the ring.
9. Throw too late
Everything has to be in order, every detail perfectly resolved … Until this happens and all the variables are not controlled, you will not launch your product or service to the market. True? Error! Do not fall into the trap of creating excuses to delay the launch. If you launch before having everything finished, you will be forced to hasten the pace and bounce your ideas with the users.