Being an entrepreneur is like engaging in a war where you must have both sides to win. It is an ultimate mental challenge, requiring a combination of vision, social intelligence, and common sense. There’s nothing quite like it. However, there are some critical mistakes that can kill your business.
Building anything great is messy. It takes a lot of hard work to burn the midnight oil, to skip lunch with your family, and to sacrifice things you love. My friend who owns a professional digital marketing agency once told me, “It is not how many mistakes we make, it is how we correct them that defines our success.”
Here are 10 critical mistakes that can kill your business:
1) Starting Out With A Single Founder
“If you want to go fast, go alone. If you want to go far, go together.” ~African proverb
According to a study, 83% of the businesses fail in the first 5 years of the startup. And one of the reason is having a single founder.
Diversification is a protection against ignorance. Read biographies of all the successful Entrepreneurs and you can conclude that every founder succeeded with a co-founder.
Not everyone is expert in everything. Entrepreneurship is a diversified field. And in the order, you succeed you need to master many traits at once.
Obviously, for that, you need many traits. And with co-founders, you can have the power of diversified personality traits.
2) Putting Your Product First, Instead Of People
It is easy to build s product and market it to your market audience, but what takes hard work is to build a product that your market needs.
In the past couple of years, business has shifted from what they do, to why they do it.
As an Entrepreneur, you need to figure out needs of your customer and tell the customers how your business can solve their problem.
In the start, you might need to experiment a lot, but once you know what customers want, invest your efforts in giving them what they want.
3) Hiring Fast But Firing Slow
Don’t just hire people because they come within your price range. Hire them because of their aspirations.
A person with passion is much more valuable than a person with a low salary.
Jack Welch in his book Winning talks about “Getting the right people on the train and removing the wrong people off the train.”
As soon as you know the purpose of your business, you need to very careful on whom you’re hiring.
Go for people who are as passionate about your goals as you’re. Or go for people who are smarter than you in their respective fields.
Most of the Entrepreneurs think that they can launch a perfect product in the first go. Which is a myth. To test the water in which you want to float, you first need to put your feet in there.
Either launch early or launch a beta version of your venture. Create a beta app or a website from a reputable digital marketing agency and check how the people are responding to the product.
This will give you instant feedback on what you’re missing in the final product. Pivot your product and launch the full version.
5) Ignoring The Target Market
You cannot make a product for everyone. Before the launch, you need to be very specific on your target market.
What is the pain point of your product and whom you’re targeting?
You can, of course, build something for users other than yourself. But you should realize you’re stepping into dangerous territory. You’re flying on instruments, in effect, so you should (a) consciously shift gears, instead of assuming you can rely on your intuitions as you ordinarily would, and (b) look at the instruments.
You need to market your product to the right people.
6) A Half-Hearted Effort
A founder is the brain and heart of the organization. It is the glue that keeps all the pieces together.
As a founder you need to take care of your people, the same way parents take care of their children.
This means there is no room for half-hearted effort. Either do it with a full heart or don’t do it at all.
You, as a founder needs to ignite the energy within your people. If they are not feeling the same as you’re are, make them feel it that way.
“Stay committed to your decisions, but stay flexible in your approach.” — Tony Robbins
You need to adopt what customers are asking for. You cannot afford the luxury of going for things that are only suitable for your needs.
You need to decide what is good for the company, or for your customers, or in some cases for your employees.
Before you take a big decision, make sure you figure out how will it affect the people around you.
Sure, as a CEO, no one will question your judgment, but if you take care of your people, they will take care of your customers.
To conclude it all. As an Entrepreneur, there are dozens of things you will be handled simultaneously, and if you want to keep up the phase, do us one favor. Never make critical mistakes that can kill your business.
Original Source of this Article: https://www.branex.ca/blog/7-critical-mistakes-can-kill-business/