Most of starting a business is having a plan and having the discipline to respond to it. Being part of a startup is not always glamorous and often just requires you to submit to the process.
Doing it alone
- One of the major flaws in creating a new business is trying to do it all on your own, when you do this, some things just don’t get complete. If you want your business to succeed, you need to determine what you are the best at. Identify the main thing you want to manage for your business, and then create a team to do handle the rest.
They stop growing and learning
- The business world is a place in constant evolution. There are always new strategies to learn, new tools to master, new techniques to test. And the most successful entrepreneurs are those who cultivate a student mentality; They want to grow their business, but they know they have to grow with it. Whether they are overwhelmed by everything they have to do, or because they want to succeed, many entrepreneurs place learning new things on the back burner. They give up their student mentality, and their business suffers. Do not be that person. If you want your business to succeed, you need to be aware that there are many things you do not know yet, and you need to stay open to learning those things. Learning is the key to growth, and the second you stop learning is when you and your business stop growing.
They do not know who they are and who they want to be
- A big mistake many new entrepreneurs make is to launch their brand before they know what their brand really is. If you want your brand to be successful, you need to have a clear idea of who you are, what you do and who you serve. Your brand identity is the foundation for connecting with the customers you need to make your business a success. If you have no idea what this identity is, you will not connect with anyone. No one wants to connect with a company whose identity is “Well, I’m not sure who I am or what I’m talking about … but buy my stuff anyway!”
They hire people who love them, rather than the people who need them
- You may be tempted to hire your sibling or friend, but if you hire people you like and not the people you need, your friend or sibling will lose their job. There is nothing wrong with hiring friendly people who fit in perfectly with your corporate culture. A big mistake many new entrepreneurs make is that they hire people who love them instead of hiring the people they need. Your business will not grow if you hire your friend who does not understand your products or industry. If you want your business to succeed, you need to build a team of people who are impressive in their work. Yes, it would be nice if you liked them, but if you make it the first (and only) criterion in hiring, you will end up with a team of people who really love you, but cannot do their job.
Do not want to spend
- Building a business costs money and many new business owners are scared to spend. To avoid this, they cut the corners and pinch pennies, but are totally shocked when their product launch fails. If you don’t spend money on advertising how can you expect to garner attention.
Do not solve the right problem
- Your customers have a problem. Your company has a solution to this problem. If you are really successful, this is the starting point of a business. They think they solved a problem, but one reason why many new businesses and entrepreneurs fail is that they did not solve anything. If you want to be successful as a new entrepreneur, you need to be very clear about your customer’s problem and how your product or service solves this issue. Without clarifying this, you could create a business that offers no solutions to your customers – or offers a solution they do not want. However, your business will fail.
They let fear take control
- Starting a business is super exciting, but it can also be scary. Starting and running a successful business requires a certain amount of risk. If you are not prepared to take risks, you will never reap the rewards. If you are paralyzed by fear – the fear of making mistakes, the fear of running out of money, the fear of everything that could go wrong – you will never be able to make the decisions you need to take your business to the next level.