If you want to be successful in your business or in your company… You need both the entrepreneurial and business skills. They go hand in hand with each other and should be supported with great leadership.
Starting a business requires several steps and you need to be careful in going through the each phase of growth to earn success.
Building a business from scratch is not so easy and you might make a lot of mistakes and failures at times. But you don’t need to worry as I have got your back.
Here are the 6 Common Mistakes Entrepreneurs Must Avoid in 2018 to be successful:
1). Blindly Creating a Product:
You should not get deceived in love for your product idea. You really not know whether you customers will love your product or not. You should do the surveys and market test before launching the product to the public.
You should focus on going by lean approach and execute the things fast and build a customer-oriented product. There is no good use of creating something without testing it with your audience.
This is the biggest mistake made by many startups and led to their downfall. As they have invested so much in their love for the product that it becomes a big cost block.
If you focus on building a product based on your customer data it will help you to get the product/market fit in early stages.
Check this out: 5 Signs That Shows You Can Take On The Entrepreneurial Journey
2). Delaying your launch:
The key to beat the competition and get to the pace of technological change you should execute fast, learn fast and change.
If you are making it longer to launch and waiting for some wonders to happen, of getting that feature of your product fixed, take my words then, that you will end up with nothing and just a scrap.
You should take just few months to create a product and launch it for test to discover the bugs in your product before making it available for the public.
3). Not Replenishing Your Marketing Tools
You should have a bunch of marketing toolkit to help you in different sets of tasks. These marketing tools helps in doing the long marketing process fast, with more accuracy, and cut the costs.
Using marketing tools will help you avoid the costs of a new hire, See? But you should not to use so many tools that you get all messed up.
You should go for the tools that will make you work easy and fast and provide you with hands on analytics.
Here are some of the necessary marketing tools for online/social businesses:
- Google Analytics– For all your website analytics about visitor’s actions.
- Hootsuite– For social media analytics and post scheduling.
- Buffer– managing social campaigns.
- ActiveCampaign-Email Marketing.
- AppSumo-Social Sharing and list builder.
- WordPress-Managing website and blog.
- Leadpages– Landing pages for lead generation and sales.
4). Not appealing to Millennials
You know that the millennials drives success of most of the recent trending products?
They are they major part of the population of developed and developing countries. If you can impress them and retain them then it would be the best thing…
… You can get a lot of business growth and success. But just remember that you need to bring constant improvements in your products or your customer (mainly millennials) will get bored of you and switch to your competitors.
5). Demanding Early Revenues
I can understand that money is the heart of any business and the main purpose to do the business is to earn some good amount of money. But hold on…
… You don’t need to rush. You should focus on product development and marketing your product. You will get positive cash flows as you meet the product/market fit.
I recommend you to execute, develop, market test and launch quickly within months and see if you meet the fit. If not then pivot and don’t waste your money on the product your customers refused to accept.
6). Hiring too quickly.
This is the stage where many startups get stuck. They hire too quickly without the need and wasting a bunch of resources on them.
You know what… money and time is the cost of bad hiring. It is more like a trap. It should be like hire slow but look for the best candidate.
The one who will give you the fullest and adjust in your company’s environment.
Just don’t burden yourself with over hiring. You should focus on keeping lean team and get small work done from freelancers rather than hire a new one.
You should eliminate these mistakes from your entrepreneurial journey so that you can achieve success and get your startup to new heights.
These were some of the most common mistakes which entrepreneurs still make. Have you made any such mistakes? Got a story to share? Share them with me in the comments below.