Connect
To Top

The Common Mistakes That New Start-ups Should Avoid

Beware of These Common Mistakes That You Need to Avoid As A New Entrepreneur

Those who have started their own business know fully well that they’ve made mistakes along the way, particularly those who are new to being entrepreneurs. And while committing mistakes is not uncommon, newbies are the prime target for repetitive mistakes that can otherwise be avoided if they know the signs and what such mistakes could do to hurt their business. Take it from the experts who have successfully overcome the growing pains of business and have emerged wiser and millions of dollars richer than they were when they were starting. Running a company takes proper guidance from the masters, focus, and the right mindset for the business to flourish and not flounder. Here are what the experts observed to be the most common mistakes you should avoid or should stop doing:

 Improper networking

Improper networkingSome people make the mistake of trying too hard to network for the sake of networking, or purposely trying to establish superficial connections with the intention of eventually making cold-pitching maneuvers to sell their products and services. However, this method is likely to fail because you are approaching the wrong people.

What you should do:

Make a habit of building your connections by establishing and cultivating relationships even before you want anything from them. Choose your potential influencers and collaborators and find those whose services and products you can patronize, share meaningful discussions and engage in conversations.

 Setting unrealistic goals

As a new entrepreneur, you feel the pressure from family members, friends, and the circles within which you move around to make your business work fast. You hear stories of start-ups that have failed and those who were fortunate to hit it big right from the start. All these may cause you to set unrealistic expectations that would only make you fail at the early stages of your business.

What you should do:

 Learn from people or ventures that are in a similar situation or stage of development and listen to their insights to try and see how they apply to your situation. As you go along and take bits and pieces of advice, you would be able to see more clearly what you’re capable of at certain stages of your business.

[su_quote class=”cust-pagination”] “Business success requires business preparation. You don’t have to be a master tactician, but you do need to have a plan in place. This plan will act as a foundation for everything you want to achieve.” Alejandro Cremades, The Art of Startup Fundraising  [/su_quote]

 Not focusing on your EQ

EQYou may have the confidence, talent, knowledge, and skills to set up your business, but your preparations should not end there. Some new entrepreneurs fail to see the significance of the human factor side of a business. When the first challenge comes, they may find it hard to deal with setbacks and frustrations if they are not properly armed with a healthy emotional balance, which helps keep them looking forward despite the failures.

What you should do:

You have to prepare yourself emotionally for what lies ahead and not just rely on your technical capabilities. Next to this level of maturity is your readiness to take on people-management responsibilities which you will be practicing daily in the way you handle your team, your customers, partners, and other influencers.

 Not investing in your brand

Many new entrepreneurs have a hard time appreciating the value of spending time, money, and other resources in building your capabilities and brand. As a result, they tend to end up cutting corners or not being able to equip themselves with enough knowledge, training, skills, and exposure.

What you should do: 

A good part of your budget should be allotted to developing your brand and your people, including yourself. In this dynamic, internet age where the business environment keeps changing by the minute, you cannot afford to lag behind your direct and indirect competitors and fall short of your customers’ expectations.

[su_quote class=”cust-pagination”] “Entrepreneur, if you’re going to start up, make sure you start up with excellence in mind.”Onyi Anyado [/su_quote]

 No time to learn

When you’re running your own business, time flies so fast that you tend to neglect your need to keep on learning. As a hands-on business owner, your time may be eaten up by operational issues and perhaps some administrative glitches here and there. At the end of the day, you are bound to feel tired to want to do anything productive.

What you should do:

Thanks to the power of the internet, you can find the time to do some self-help training and research to catch up on the latest news, trends, and technology that affects your business. You can still squeeze in your calendar learning events to attend relevant sessions if only you know the value of continuous learning, no matter what stage of development your business is.

 Not valuing email marketing

There may be businesses that do not know how to leverage email marketing and end up missing a great opportunity to promote the business and get leads.

What you should do:

You should identify what you can offer potential customers in exchange for their contact details. You should adopt an email marketing tool for your business to do most of the work for you. As simple as discount coupons, downloadable training materials, or just about anything that may benefit them and related to your business would certainly encourage people to give them contact information. Once you have the data, then you have to power to reach out to them whenever you need to do so.

 Fear of promoting yourself or your product

Shot of a nervous-looking businessman sitting with his feet up on his deskWhether it’s a fear of rejection or being hounded by inquiries that you may not know how to manage, some entrepreneurs fail to see the importance of visibility and advertising presence. Consequently, you lose out the chance to take advantage of opportunities to be known and heard which can very well translate to income generation in the end.

What you should do:

In the age of the internet and social media, it so easy to promote your business with just a few clicks on your computer, smartphones, and tablets. The digital landscape is so vast for any business not to seize the opportunity to spark interest, create a need, and offer solutions to people.

[su_quote class=”cust-pagination”] Until you become so passionate about you and your business no one will. You are your first cheerleader and business promoter.” Bernard Kelvin Clive [/su_quote]

 No wealth mentality

Many new business owners do not have the right mindset when it comes to worth and money. They are likely to charge very low or give too many freebies at the start in a desperate move to be noticed.

What you should do:

From the very start, you should be clear about what you can offer to people and other businesses and have done your math to determine if you are selling yourself right. Perhaps you can start small based on your available resources, but since you won’t be a ‘new’ business owner for long, you’ll find it easy to command a higher value soon enough, after you have capitalized on your business experience and track record. To be wealthy, you have to think wealthy.

Starting your own business can be both exciting and daunting at the same time, but you can face your new start-up business confidently if you are aware of what to look out for to minimize or avoid altogether the common mistakes that are usually made.

More in Business & Investments

You must be logged in to post a comment Login

Leave a Reply