Small businesses fail – a lot. According to a Business Insider report, an estimated 50-70% of small businesses will fail within their first 18 months. I know firsthand that starting your own business can feel like you’re dodging one disaster after the next.
No matter how many companies you’ve worked at before, how many advanced degrees you hold or how much industry experience you’ve amassed, you will make mistakes. Some of these mistakes will be frustrating, but you’ll bounce back. There will always be a learning curve associated with anything you do. But what if you could avoid making the same mistakes that sink other startups?
Identifying what actions cause failure – and learning how to avoid them – is a bit more challenging. Picking the wrong co-founder, for example, is cited as a common problem entrepreneurs face. The relationship you have with your partner and the skills they bring to your startup can set the tone for success or failure.
All too often, entrepreneurs lack sufficient self-awareness regarding their own strengths and weaknesses and don’t choose a partner with complementary skills.
I’ve worked in my fair share of entrepreneurial environments over the years and have certainly made mistakes along the way. From my personal experience, these are three of the most common mistakes first-time entrepreneurs make.
They’re the three mistakes I have made myself, and ultimately learned the hard way how to avoid repeating them in the future.