Launching a business is hard, we get it! Even those with a bundle of experience and skill get lost along the way when starting a new enterprise. Being an entrepreneur is strictly no child’s play, but regardless of how professional you may be, it is very easy to make mistakes.
Sometimes, you need guidance and someone to show you the right way along this lonely road, where friends & family would be of little help unless they have stood in the same path as you.
Here, I present 5 Counter-Product Habits To Avoid As An Entrepreneur to help you put your focus and dedication towards things that count.
#1. Don’t assume you are Omnipotent
A major mess that most entrepreneurs get into is when they think they can manage everything on their own. From managing the front-end operations to logistics, from strategic planning to product distribution, one person cannot do everything!
It is great that you are so energetic and capable of thinking you can handle everything, but that sounds good in theory only. If you want to see your business reach the stars, you’re going to have to rely on some expert help. There are people out there who can provide you this service, so do yourself a favor and hire them.
Your investors (be it a VC or private equity) aren’t funding you alone but for your team as well.
#2. Don’t think you are the only one with a unique idea
Most entrepreneurs assume that since they had an idea one night, it must be unique. WRONG! An excellent practice going down the path of entrepreneurship is to stop underestimating other equally ambitious entrepreneurs.
Most VC’s do not like to hear that you are the only one with such a unique thunder, the reason being, if your idea is one-of-a-kind, then there’s no competition for it. No competition means no growth!
In realistic terms, without a satisfactory standing competitor, you wouldn’t even know where to begin or how to launch a product successfully.
So instead of brainstorming for a unique idea, look around and see the problems that you can provide a solution to. The uniqueness is hidden in your approach to the problem, not in the solution itself.
#3. Stop seeking advice from the inexperienced
Another equally disastrous step that kills the dreams of many young entrepreneurs is that they ask for help from the inexperienced. Unless someone has stood in your shoes, the chances are, they will give you advice that you don’t need or it won’t work!
In general, taking advice from our near & dear is the best thing, and it may be true about personal issues, but when it’s business, you need an expert’s help.
You cannot expect your mother to tell you how to test run your product in the market, or ask your teenage sister to give you feedback on your customer acquisition model.
Although everybody has something good to offer and you may very well ponder over some of the advice that your friends and family provide, it is still not comparable to the advice given by a professional with years of business expertise.
Talk to a business development expert whose niche is in helping startups grow and maintain a consistent level of service. Such expert advice comes at a price, but it will be worth every single penny.
#4. Stop yourself from spending too much or too little
Depending on your idea of business, a startup can prove expensive, and if you’re funding it out of your pocket, or have a private equity involving relatives or family friends, etc., you need to keep an account of every penny spent!
But, it is highly counterproductive to get too tight on the budget when you’re in desperate need of some proper workforce or some adequate resources.
Following the same route, you also cannot spend too much on every little thing. You must learn to manage what you can on your own, and leave the rest to others who must handle a few more things.
Think of it this way; you must be the leader, team member and a janitor at the same time….Yes, such times to do come!
#5. Don’t ignore market research
Testing your product in different markets in a small-scale is the best way to predict whether or not your product will be accepted nationwide.
Many young entrepreneurs who do not get a seed funding initially try to make an impression by skipping through market research and jumping the gun over to launching a product on a large scale. This causes them to flop utterly and eventually close down their business overnight.
Ignoring a genuine thing like market research would not only be catastrophic to your business but also to your lenders, it may even prove hazardous to your prospects of ever borrowing money from anyone.