New entrepreneurs are going to make mistakes. When you're a new company, however, those mistakes can prove very costly indeed, and three in particular could prove fatal to your business.
Starting a new business is incredibly hard. You can have all the passion and enthusiasm in the world, but that counts for nothing if you can't get your big idea to work in the long-term. All start-up owners will make mistakes. Everyone in business has experienced them. Having examined where many start-ups fall flat, I've identified three major mistakes new business owners regularly make.
The first is underestimating the time and money it takes to get a fledgling company off the ground. While you might have set aside plenty in savings, it can often take three times as much as you've estimated once you factor in overlooked expenses. It can also take twice as long to get everything in place.
Secondly, many take a risk by going it alone. There's no shame in admitting that you're not an expert in all things. You might be a numbers person or you might be a creative. Your greatest talents might be in sales. Chances are you're not the world's greatest at all three. Start-ups generally need a balanced team behind them, or at least a support network willing to lend a hand or offer advice.
Finally, a lot of start-up owners are too starry-eyed about their idea, too in love to see when things aren't working out. Of course it's understandable that you're passionate, your new business is your baby. You might be head over heels, but are other people? They're the people that matter because they're the ones who are going to buy. Don't be so enamoured that you can't see where improvements need to be made.
Underestimating time and money
Going it alone
Being too in love with their idea
