Are you an entrepreneur? Have you always dreamt of starting your own company? If so, continue reading to read about top startup mistakes you must avoid in pursuing your dream.
Mistake #1: Choosing the wrong cofounders.
The ideal cofounder is someone who shares your vision for the company, and who you can trust to help you execute on that vision. They should also be skilled in areas that complement your own skills, so that together you can cover all the bases needed to build a successful business. The common combination is a cofounder specializing in technical work paired with one specializing in business development.
The ideal cofounder is someone you can get along with through hard times. Being a cofounder is like being married: you will be spending countless experiences together, both good and bad. You need to be sure that you can work together harmoniously even during tough situations. Being close friends is not enough. In fact, being friends could work against you if there are toxic dynamics in your relationship that surface in building your company.
Mistake #2: Hiring the wrong people.
Find people who are passionate about their work and who will be committed to your company’s success. They must be self-starters who are in it for long haul, since startups can take years before taking off. Without passion and dedication, it is easy for employees to lose confidence and shirk their duties. Worse, their attitude can affect the company culture negatively, discouraging other employees. Once morale is low, it may be impossible to regain.
Mistake #3: Not having a clear vision.
As people get into the weeds, it is easy to optimize for things that are not actually important to the success of the company. Moreover, different groups may develop conflicting ideas about what is more important for the company, leading to needless conflict and wasted work. As the founder, you must maintain a clear vision. It’s important to take the time to step back and assess your company’s vision on a regular basis. This will help you ensure that everyone is on the same page and working toward the same goals. Have regular meetings with your reports and ensure that everyone is working on something that will impact the company positively and significantly.
Mistake #4: Not being able to pivot.
In order to be successful as a founder, you have to be willing to pivot. What this means is that you have to be open to changing your plans as you go along. This can be difficult, as it can be easy to get attached to your original vision, but you must avoid a situation in which you do not see a viable future for the company. For example, if your dream is to build a $1 billion company, pivot if you realize your idea is at best $10 million. It also means that you must take feedback seriously, including criticism (check out this article for more tips on when to take advice). Solicit feedback as tactfully as possible from your employees (and most definitely your cofounders) to learn what the company can do better.
Mistake #5: Trying to do everything yourself.
This is one of the most important things you can do as a founder and one of the biggest startup mistakes you should avoid. You can’t do everything yourself and you need to delegate tasks to others in order to be successful. Delegating doesn’t mean you’re giving up control; it just means you’re sharing the workload and trusting others to help you achieve your goals. Sure, others may not be able to do the job nearly as efficiently as you. But without delegation, scaling up company may be impossible.
Go Forth
Doing a startup may be one of the hardest things you ever do. You will face many challenges, but don’t let them stop you. Be relentless in your pursuit of your vision. Be passionate. By avoiding these top startup mistakes, you will save valuable time and achieve the success of your dreams.