Did you know that, according to multiple reports from around the globe, 20% of newly launched businesses fail to take off from the ground in the first two years only? In fact, half of startups don’t even stay in the market for more than 5 years.
What are some of the biggest startup mistakes entrepreneurs should be aware of? We discuss!
Failing is a part of the game – don’t be afraid
Many new ventures fail eventually because they are afraid of failure. They view failure as a black cat crossing their path, whereas in reality, failure and fear of failure is a very good thing – embrace it!
Addressing your fear of failure can be a very positive thing for the future success of your business. The entrepreneurs that truly benefit from their failures are the ones you embrace it, learn from it, and then apply it positively to work toward achieving great successes.
Come up with a business plan (before launching)
We’ve witnessed this all too often: businesses acquiring investment and eagerly entering the market with full force, without ever really developing a proper business plan.
Far too many startups and entrepreneurs are making this mistake: starting a business without even a basic business plan. Even if it’s just a page or two, you really ought to map out a business plan which clearly defines goals and outcomes, as well as some of the risks you’re willing to take.
In addition, it must include the cost to operate, your target audience and why they might be interested in your product, and how many units you anticipate selling.
Organisation is key
Being well-organised is one of the keys to success. Launching a new business is kind of like being a circus ringmaster, if you think about it. After all, you’ll likely be dealing with dozens of things all happening at once.
Therefore, we recommend coming up with a daily to-do list and placing each item on a priority scale of 1-10. How you place those items is entirely up to you and depends on individual business circumstances, but it’s a very simple step that can work wonders and will make each business day a lot more productive.
Take the time to research your market and target audience
Just because you’ve come up with a “wow” product doesn’t mean that people will automatically be mesmerised by it and start buying on impulse. A very common mistake entrepreneurs and startups make is not fully understanding the demands of the target market and audience.
Are you focusing on a market that’s too small to build a big business in, or the other way around? Have you taken feedback from prospective customers to understand how your product or service may be received once it goes live? A little research can really go a long way to help you build a successful business.
Consider working out of a coworking space
Since the pandemic especially, many businesses have been able to cut costs by renting a shared office space. It’s a great way to limit your overheads while meeting other professional with whom you can even partner to further your business.