“It’s not how we make mistakes, but how we correct them that defines us.” – Rachel Wolchin
“We all make mistakes, have struggles, and even regret things; the only thing that matters is how you overcome them and jump back to your playground.”- Anonymous.
No one is perfect, are you? “Your startup idea has flaws. Come to me when you are ready with the full-proof- executable business.” Every idea has some drawbacks, that doesn’t mean it should be abandoned; it means that the idea needs to work out from root cause it is facing. Entrepreneurs are no-ordinary and many times totally ordinary. How this duality works for them? Do they commit mistakes? Do they fall and stand out again? We all make mistakes. Never let that be any reason you give up on your ambition. If you are an emerging entrepreneur, reaching out to your potential is a tough task.
What is their thing that makes them matchless from the crowd of geeks? To many of the questions, a straight forward answer is ‘They learn from their mistakes; not only do they learn but also they ensure that they don’t repeat it’. Well, undoubtedly, they do something different and that is why they make their startup ideas ‘Laudable’ which we follow them afterwards considering it will work for us, too. But why it doesn’t work for us (most of the times)? Because, it’s their way to observe the mistakes, search for the key attributes that lead to their respective hurdles, analyze the important causes, and eradicate the required ones. Definitely, entrepreneurs do certain other things in order to save themselves to commit mistakes and cheer up.
Entrepreneurship, at its best, is synonymous with learning. Here are some mistakes that budding Entrepreneurs make; check it, grab it in your head so that you don’t commit the same in your ‘Next Big Thing’.
Test. Fail. Retest. Improve
It looks like ‘Eat. Sleep. Rave. Repeat.’ Mind well, it’s not. It is far more difficult than the hipsters formula. Always consider yourself as a beginner, only then you will be able to comprehend the very
basic lessons that no institutes will teach. So, ‘Test. Fail. Retest. Improve’ should be your motto. Stick it on your wall. Don’t mistaken it with the former quote and believe that your start-up would succeed on the very first try.
Say No to ‘Too Much Advice’
An Empirical Rule – If you’re hearing too much of something, it is either to scare you or spare you.
Entrepreneurs do have to come across hundreds of advises, tips and suggestions but it is not feasible as it would mingle up the strategies and would result an ‘Egg’ eventually. Beware of that !
That Wrong Guy/Girl
We hear this a lot. It simply means that it is affecting to business a lot, isn’t it? Be it experienced or First Generation Entrepeneur, the best person to organize your marketing is not your mate Dave, no matter how many evenings you’ve spent with him setting your ducks in a row over beers. No entrepreneur is an island, after all. Hire smart, and hire strong. Savvy Recruiting, forbid slipping.
There are two mindsets “Spend Money. Earn Money” or “Spend Money until I earn some”. It depends on the startup you are involved in. Spend your startup cash wisely; this is believed as one of the underestimated mistakes done by the Entrepreneurs. Be Shrewd, avoid Blunders.
Eric Ries, Author of The Lean Startup, says, “I have learned from both my own successes and failures and those of many others that it’s the boring stuff that matters the most.”
Dude, look over to competitors
Thinking ‘you have no direct competitors’ is one of the most illogical thing any entrepreneur would think. It’s extremely rare to have no direct competitors. Unless you’ve invented a completely new product, there will be someone who already has market share in your niche.
Hire him, he ain’t asking much
Low-cost employees are usually low-cost, inexperienced, unskilled or unreliable. You must be thinking about the hacks to find the perfect candidate for your organization but it won’t evident every time.
It won’t fly and sell itself
Why? Wish it gets super power to market itself and fly like Superman. Don’t be impractical. “If you build it, they will come.” They think that their products are so revolutionary that they can just rely on free PR and word of mouth, but actually SEO, content marketing, PR and paid advertising is mandatory to an extent.
Thinking you can do it all yourself is silly, really. Even, James Bond, if ideally considered as an Entrepreneur, have gadgets and Bond Girl in support. Have friends or families involved in the startup since at one saturated point, you will need a pillar to rely on, for you and your business. Never ever risk yourself doing it all alone. Beware, it’s a mistake.
Focus on fund-raising
Is Success lying in raising money? Success is building a great company, making a reputation your competitors dream about. Many entrepreneurs makes this mistake and so beware of this ‘Alluring Scheme’. Entrepreneur is who sees the finish line from miles and not care about the milestone.
Well, these factors were absolutely not technical in aspects when Entrepreneurs would pull their legs slightly up but these mistakes, if conceived carefully, would save your growing business and age it to a decade higher.