Here Are Some Mistakes To Avoid And Tidbits Of Advice
There’s no way around it: Starting a business is hard, especially for an inexperienced entrepreneur. But, if you can at least avoid some of the common mistakes that entrepreneurs tend to make on their first go-around, you’ll be ahead of the game.
A recent Quora discussion focused on common mistakes new entrepreneurs tend to make. Here’s a rundown of the advice from top posters:
- Be honest with yourself. Confidence is great, but skepticism can be healthy.
- It’s okay to delegate. The CEO can’t do everything, and part of being a good leader is hiring people that you can trust to handle responsibility on their own.
- Don’t burn out. A successful exit from a startup typically takes up to 10 years. It’s not a sprint, it’s a marathon.
- It’s extremely difficult to create a successful startup if it’s not your primary focus. Doing it on the side probably won’t work.
- If your business is more than just a mom-and-pop setup, paying a lawyer is always worthwhile.
- Don’t try to address multiple markets. It’s extremely difficult to be great at two completely different marketing strategies at once.
- Relationships with customers are important. Talk to them regularly and try to mix in personal conversations with the business talk.
- The same type of regular communication is also important when it comes to team members.
- Don’t be scared to talk about your idea. The positives of outside input far outweigh the risk that your idea will be stolen.
- Keep it simple. Your first product or service should be as basic as it can be to get the job done.
- Prioritize spending. If you’re spending cash on something other than customer acquisition, payroll and/or productivity, there needs to be a very good reason.
- Don’t get emotionally attached to an idea. Being able to cut losses or change direction when something isn’t working is critical.Don’t succumb to confirmation bias. We all love to hear that we are geniuses, but listening to criticism and opposing viewpoints is paramount in cultivating an idea.
- Don’t get hung up on finding the “perfect” idea. Any great idea can work if it is executed properly, and there are countless possibilities.
- You can’t do everything, so don’t hedge your bets by keeping a number of options open. Choose your best idea(s) by prioritizing the one or two that can have the largest impact in the shortest time-frame.
Author: Wayne Duggan , Benzinga Staff Writer
Source: Starting Life As An Entrepreneur? Here Are Some Mistakes To Avoid And Tidbits Of Advice | Benzinga