Launching a new venture is equally exciting as it is uncertain. There are elements that every entrepreneur needs to consider if they are to catapult their business to success. Here are some of the most common mistakes that you can easily avoid:
Funding Does Not Mean Success
Young founders often consider funding to be an important pillar of success. However, sometimes they spend so much time chasing after investors and inadvertently ignore their customer base. A great product is at the cornerstone of a successful so improvements to the good or service is a key to survival.
Being able to pitch perfectly
Though it is important to be able to pitch your products to customers and investors, winning pitch contests have little merit. Startups are often too focused on winning contests , to the point that they will neglect the important elements such as a well thought out business model or the target audience that will use their product. Substance over style is crucial if your business is going to be a success.
Launching too early
Don’t confuse a minimal viable product — or MVP — with a proof-of-concept and launch it. In more simple terms – build something that someone would pay for. Putting as much thought into your product as possible can be hugely beneficial if you want your business to become successful. Though this will be as time consuming as it will be frustrating make sure your product looks polished and professional.
If you are getting a strong pushback, do your best to stop and listen and actually think about where the criticism is coming from. ‘Why?’ should be at the corner of your head when receiving doubts about anything related to your business. Do you have a bad idea or are you targeting the wrong market or person? Thinking about these questions will only make your business better. Learn from criticism and once you do, there will not be any doubts.
Being too secretive
Okay, so you’re scared someone will steal your idea. Don’t be. It’s a rookie mistake. You will not be able to know if your product fits the market unless you discuss your plan with others. Networking is an important skill in the business world, and a chance to gain knowledge that can help to improve your idea. You need to talk a lot and to a lot of people.
Building a business is hard and you have to put in the work. Your business should be a part of you, and therefore worthy of your best effort. Along the way you will experience situations that are only specific to you but it will help immensely to think ahead and gain knowledge from people who have the travelled the same road as you.