An amazing idea ensures startup success, right? Wrong. No one loves to hear it, but three out of four startups will fail before they ever get to market. Managing and navigating a startup can be a minefield—especially if you go it alone or are starting off with no business experience. Many entrepreneurs have little prior experience in the business world and without that valuable experience, many startups endure the misfortune of failure. If you have a startup, or are thinking of launching a startup, set yourself up for success by learning from other’s mistakes.
Avoid these 5 startup mistakes at all costs!
One of the biggest startup mistakes you can make is to be afraid of failing! Fear of failure can prevent you from even making that initial leap. Jumping into your fear is incredibly positive for your business’ success and how you pick yourself up and learn from mistakes is the ultimate key to great success. Many successful entrepreneurs credit their ultimate success to their ability to fail often, fail quickly and learn from those failures.
Giving up shouldn’t be an option when it comes to startup success. Be prepared to make it through those inevitable roadblocks and bounce back from lots of “no’s” in the beginning. Overcoming any negativity will help to fuel you in the right direction. Rather than quitting, when necessary consider shifts in thinking, planning or development that can keep you on path for growth!
Forgetting about marketing
A huge startup mistake is to think “I’ll figure out marketing later”. Marketing is crucial to startup success. Many startups spend all of their money on product development and overhead and leave zero dollars for marketing to generate customers. Eliminate the “if you build it they will come” mentality. Start planning and developing your marketing strategy if you want your startup to thrive.
Underestimating the value of a brand, or believing branding is simply the logo and look of your business, is an all too common startup mistake. Branding is one of the most powerful assets a startup can create. Your brand is a deeper, more articulated definition of your business and acts as a reminder to what you want your business to be and represent. Branding lives in the mind of consumers, and will ultimately be the driver in the relationship that is established with your audience, and why they care about what you do.
You go it alone
In most situations, it’s extremely daunting to tackle launching a startup on your own. As an entrepreneur, it’s easy to get stuck working on things alone. But having an extra set of ears and eyes on the ins and outs of your startup is invaluable. Getting help where you can from friends and professional colleagues will help to effectively launch your startup. Finding a mentor who has been where you are can do wonders in guiding you down the right path.