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Every multi-billion-dollar business you have ever heard of was once just an idea. As that idea grew into a startup, an entrepreneur began working toward the enormous profits many of us admire and aspire to today. Along the way, that hardy soul naturally made multiple blunders.
In fact, many entrepreneurs face catastrophic failure. Only the sturdiest among them rises from the ashes and rebuilds.
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In this post, we take a look at some common startup blunders we can all learn from, so you can avoid making the mistakes others before you have made.
Succumbing to a Fear of Failure
Some people give up before they ever get started, due either to a fear of failure or, surprisingly, a fear of success.
Fear will keep you circling around the same blunders over and over because you won’t want to try new things. As a result, your great ideas will remain just that. They will be “great ideas” for all time.
So don’t let fear rule your world. Give yourself permission to fail and step outside of your comfort zone. You’re going to make mistakes. Just accept that and try to learn the lessons your mistakes teach you. It’s the only way to win.
Failing to Study the Lay of the Land
One of the biggest blunders you can make as an entrepreneur is failing to conduct thorough research on the ground.
Your type of business should match the needs of your target customers. Bring to them a product or service they need. Make sure the quality of that product or service is impeccable.
Then create awareness about your offering with skillful marketing. In fact, be sure to invest in marketing. Great marketing will pay off in the long run.
Building on a Poor Foundation
Don’t make the blunder of failing to lay a strong foundation. And pay attention to detail. Small errors when you’re first starting out can grow into ginormous failures over time. However, with careful planning and attention to detail, you can win the game.
Failure to Follow the Law
Unfortunately, many up-and-coming entrepreneurs don’t pay as much attention as they should to laws and regulations governing businesses in their country. Unfortunately, these blunders can catch up with you eventually.
For example, some entrepreneurs try to evade paying their taxes. This is not a good strategy, and it is sure to lead to tax audits, sleepless nights, and worse.
If you have already made this blunder, don’t hesitate to contact experienced tax professionals for the IRS audit help you need to protect your business and its assets.
Doing Things Your Own Way
It could be that you enjoy being self-reliant. While this may be good stand in some situations, refusing to ask for help when you need it could lead to ruin for your business. Even in the very beginning, you’re going to need to rely on others. Trying to handle everything in your startup all by yourself will drain you.
This doesn’t mean you need to employ a bunch of workers you won’t be able to pay. That would be a huge blunder!
But do hire specialists when you need them on a short-term basis. And seek out a mentor, perhaps another entrepreneur with a little more experience than you have. At the very least, build a relationship with a colleague you can bounce ideas off of from time to time.
Hiring a Weak Workforce
When your business has grown to a point that it’s time to hire employees, be sure to do your hiring thoughtfully and carefully.
Finding the right people to work with you can lead your business to success. Moreover, make sure your employees understand your goals and your vision. Only in this way can they can help you fulfill your goals.
Additionally, invest in your employees. For instance, provide them with training to enable them to better perform the work you pay them to do. This will keep on-the-job blunders to a minimum. Build relationships with them, and interact with them on a personal level. Let them get to know you so they can learn how you want things done.
Also, acknowledge their efforts. Remember that their successes on the job lead toward the growth of your business. Don’t make the mistake of bossing your employees around. Instead, welcome them as your partners in achieving success for your business.
Avoid These Blunders and Make Your Own Unique Mistakes Instead
While it’s not possible to build a business from scratch and avoid making any blunders, it is possible to beat the odds and reach the top. All you’ll need are confidence, strategic thinking, and plenty of hard work.
For more inspiring articles written with you, the entrepreneur, in mind, be sure to visit our blog often.