Is there a way to ensure that your business will not fail?
What are the common startup mistakes and how can you avoid them?
Starting a business is hard. Some people are able to work their way through the startup maze, while others flounders and fail.
This article introduces a series that explores common business startup mistakes.
Can a business avoid startup mistakes?
When we see stories of successful business people, we rarely get to see the challenges they faced before, during, and after startup.
While successful people may talk about the challenges and maybe give tips on how to avoid them, the reality on the ground is very different for each startup.
All the same, there are some common and avoidable mistakes that people make at startup. It’s to your benefit if you know and work on them in advance, rather than wait and get caught unawares.
Every business founder goes into business for reasons that are unique to them. Some common reasons for starting a business include:
- Make more money or get rich.
- Get out of employment.
- Take advantage of a gap or opportunity in the market.
- Belief you can do better than what’s available.
- Boredom.
- To express your creativity.
- It’s working for other people so you think it will work for you too.
- …and many others.
This makes businesses as unique as the people that start them.
There are a lot of things you cannot control when starting or growing your business. But there are a lot that you can control.
The next 4 articles will focus on the following startup mistakes and give tips on how to avoid or recover from them:
- Part 1: Lack of Vision
- Part 2: Inadequate Preparation.
- Part 3: Undercapitalization.
- Part 4: Having a Rigid Mindset
This list is by no means exhaustive, but I sure hope it will help you.
Feel free to add your experience, thoughts and ideas in the Comments as the common startup mistakes series progresses.
(Image credit: Stuart Miles at Free Digital Photos)
