Image by: opensourceway
By Theresa Grant
Entrepreneurs all over the world will make mistakes. Don’t worry ladies; you’ll make mistakes as well. What my goal with this article is to make sure that you don’t make the same mistakes as everyone else.
I’m going to discuss how to avoid these mistakes because the less mistakes you can make, the more successful you will be. It also won’t take as long to become successful if you are avoiding some of the common mistakes startup companies usually make.
1. Spreading Yourself Too Thin
Listen up ladies. The number one most common goal any startup will make is to want to chase profits in every way that they can. It will stop a business from growing faster than anything else.
The way to avoid this is to not only set boundaries on what your brand is; but to also hire a team that specialize in what you are trying to create. When Richard Branson was building Virgin, he surrounded himself around people that knew how to build an airline empire.
As soon as he got one product up and running; that was when he would start to expand. He then expanded into cell phones, more airlines, and eventually creating his empire that is Virgin.
The next common mistake that many entrepreneurs make is the location of their business. If it’s an online location, then they don’t spend the money that is necessary to market their online business.
The list where the most startup companies per capita reside are: The Silicon Valley, Boston, Seattle, Austin, Denver, and New York. Even though NY is on the list – it still sits around #20 of what’s going on in the Silicone Valley.
The reason why these cities became the startup hubs is because it’s where the experts are. Standards are usually higher in these cities, people are more sympathetic, and people you want to hire also live there. It’s a win-win situation.
3. Launching Too Early/Slowly
Another mistake a lot of startups are making is that they are launching their products/services too early. Launching early will ruin a business faster than launching too fast. It’s all about reputation here, ladies.
If you hype up a product and then postpone it to perfect it… when consumers use your product/service it better be fool proof 110%. If it’s no good, they will rarely come back to your business.
So instead of perfecting every little thing about your product/service; make sure that it is actually a concise idea and can do what you are stating. As long as it can do that; early consumers will be more forgiving.
4. Get Your Hands Dirty
The last common mistake that startups make is that the owner doesn’t want to get their hands dirty. If this is your business ladies, you are going to have to get your hands dirty. You’re going to have to work long days that seem to go on forever.
You will have to understand all aspects of owning a company. You can’t just do the fun part that you are passionate about – there’s much more to a business than the product itself. There’s marketing, payroll, expenses, human resources, and much more.
As an entrepreneur, you’re going to have to take on most of the grunt work until you can hire people to do it for you. Then you can reap the rewards; but until your empire is built, get used to wearing every single hat.