Things that could make your Startup fail without you even realising it
No one ever starts a business with the notion that they will fail at it.
No one ever wants to fail at anything, even the ones that have failed. Yet there are so many great and unique ideas out there that have burned to the ground.
Failure is always looming over us, any single misstep and it will be there to greet you.
It would be prudent then to assume that even though you are quite confident with whatever it is you are brewing, you may be headed for failure without even realising it.
No one is exempt or gets a free pass from it after all.
So you may now wonder, how do we avoid something we haven’t experienced yet or something we can’t notice we are headed for?
By learning from others.
Common mistakes have been the pitfall for many entrepreneurs and here are a few of them that have taken down many entrepreneurs dreams.
Not being prepared enough
Planning is there for many reasons, and one of them is to help you become adequately prepared for what is that you are about to face.
In this case it would be the twists, turns and hardships that come with being an entrepreneur.
Preparation is key in a lot of areas in our life. The best students in a class are often the ones that prepare and study more than the others and quite often the best athletes are the ones that train harder and prepare more than the other athletes.
Similarly, most successful entrepreneurs have a well prepared plan.
Your idea may get you started, but your plan will be your road map to sustain it and keep it on track. It lays the ground work for any future success.
Planning about your finances, product and marketing strategy may determine whether you fail or succeed.
Most that don’t prepare enough before starting fail.
Wanting it all to be perfect
Waiting for the perfect time and waiting for it to be all perfect has made a lot entrepreneurs fail in their ventures.
It will never be perfect. You will get close but it will never be perfect.
Even my Instagram app, a seemingly perfect app, crushed the other day.
You will constantly make tweaks and you have to work out the imperfections and iron out the details as you go.
Each day you work at it will bring you closer to perfection.
Just Start and learn.
Waiting for it to be perfect will stall your progress.
Obsessing over being funded over building a product and a business
There are entrepreneurs who focus on getting funding before even building a product. They will spend countless hours chasing and pitching to a lot of investors and each rejection they experience makes them lose their energy, grit and motivation.
It may not even be a bad idea, they are just focusing on the wrong thing.
Focus on the product, it is the one thing that will get you the funding you need. Early on, all your attention should be on building your product market fit and user base.
Of course the entrepreneurs with mega ideas may warrant the attention of investors but that does not spell success.
Even if you do raise money, that does not make you an instant success. You still have to build a product and a business.
Every year funded and over-valued startups fail because they did not work on their product and business enough.
Doing it all alone
Better to have 50% of something than 100% of nothing.
Arrogance is the biggest Startup killer. You have to know that you can’t do all it alone.
You may start it and push to a certain level but sooner or later you need help.
Find a finance person, find a legal and recruitment person, an expert who knows their job well will advise you adequately and protect you from pitfalls that will cost you.
It is important for you to build a team.
You only have 24 hours a day and you can get more done with more people around you.
Very few entrepreneurs have been successful on their own. A high number have failed and ended up with nothing.
There are a lot more things that can make you fail and you need to keep your mind open.
You are going to make mistakes, no matter how hard you try but sometimes you can prevent yourself from making the lethal mistakes that will end your dream by watching others and learning from them.
Entrepreneurship is a long journey and you want to do whatever you can to stay on it and reach your destination.
What are your thoughts on this? Are there any other things you can add to this list? Leave a comment and share your thoughts in the section below.
Thanks for Reading :)