It’s a hugely exciting period, but also a very dangerous one. After all, we’ve all read the numerous statistics about how many businesses fail in the early trading periods.
Fortunately, a lot of these fears seem to be cast aside by budding entrepreneurs. Over recent times we have seen more and more people take the plunge to open their new business, even when the economy might have suggested that it wasn’t the right time.
Something else that has become more common is the influence of education in business. Once upon a time it might have been frowned upon, but now more people are turning to it. The fact that you can now obtain an MBA without GMAT is obviously helping matters – but it’s also helping business owners iron out the common mistakes that often blight them.
Following on from the above, today’s article is all about the mistakes that are often made by new businesses. Let’s now take a look at some of the ones that you must avoid when you first get started.
Mistake #1 – The DIY approach
This first mistake is often made with the very best intentions, but trying to do everything yourself is simply asking for trouble. Sure, it might be a necessity during the early days, but there comes a point where you must delegate. Remember, when you do decide to make your first hire, you will effectively be doubling your output. Don’t underestimate the power of an extra pair of hands.
Mistake #2 – You don’t ask for help
This links very similarly to the first point we made. If you are attempting to do everything yourself, you are again putting unnecessary barriers in your way.
Additionally, asking for help doesn’t just have to relate to physical help. It might be about enquiring about all of the grants and other forms of official help that is regularly offered to new businesses that are looking to get going.
Mistake #3 – Not focussing on one company
It’s amazing to see how many new entrepreneurs quickly lose interest with their project. Boredom sets in and before they know it, they have tried to start a second company (that had nothing to do with the first one).
If you don’t have every confidence in your first company, don’t start it. You need to invest all of your time, and money, in one company and one company only. You are not Elon Musk who can spread yourself across multiple ones – your team just isn’t big enough for this (yet).
Mistake #4 – You talk too much
Firstly, there’s nothing wrong with talking, but when you talk and don’t take any action problems start to crop up. This is again a common mistake with young entrepreneurs, who might have the biggest plans in the world but just don’t execute them. You need to physically develop your business, not just base it around ideas and concepts that have never got off the ground.