Deciding to start a startup can be one of the most rewarding and terrifying steps that any business-oriented individual will ever experience, and it’s safe to say that you want it to go right.
With all the possible pitfalls and problems placed before you, it’s always good to have a push in the right direction before taking on the mammoth task of entrepreneurship. That’s why we have put together some of the issues that we have experienced (either first-hand or voyeuristically) so that you know what to look out for and avoid when taking on a new endeavour.
The “All-Me” Approach
There are an abundance of services at the disposal of a new startup, from IT support services to management assistance software, that those in their first entrepreneurial role will often underutilize in favour of a flagrant DIY approach.
It’s easy to understand how startups fall into this trap, as a new venture can often feel like a very personal push toward success. However, with more business’ dying than starting on a yearly basis, there are definitely issues that need to be addressed.
The believe that when starting your own business or service that you have to be in full control of every facet is, at best, misguided and at worst, going to bring down your new venture entirely.
A single person can only be expected to do so much, so even if it may involve giving up some of your influence over one or two areas of your startup, it will mean that you can better focus on running your business, and fetter yourself less with those things that could be better handled by others.
Sticking With Stubbornness
A business should not exist for the sake of its own existence, and keeping a startup on the same route solely because you are unwilling to let it change will only lead you into further stress and funding related issues down the line.
It’s completely normal for workflow to be relatively slow when you have only recently started promoting yourself, as it’s most likely that you don’t have the trust of previous clients and projects to fall back on. However, if your startup is on the brink of falling under, it is time to rethink your strategy, even if it doesn’t comply with your initial vision.
The Burden of Originality
It’s true that originality is a key factor in differentiating your business from the competition, but it’s easy to take this ideology too far, and it could mean bad things for your budding company. Refusing to acknowledge and possibly implement how other businesses have found both internal and external success puts your startup at a disadvantage, as you are shutting yourself off from valuable information.
As we have seen many times across the worlds of art and technology, creativity and originality can be a drawcard or a detriment, and this is no more prevalent than in the world of competitive business.
Usually startups are successful for a reason, and working out what those reasons are will give you a huge step up on the road to financial viability.
Not Mimicking Your Market
The industry doesn’t wait for your startup.
It may seem difficult to digest at first, but in quite a few industries (especially those in the world of digital) assuming that your audience has the same needs from when you form the idea to start a business, to officially opening your doors, can leave you ill-prepared for the world that you’re stepping into.
Make sure that you are keeping up with trends and changes that will affect your viability in the competitive market, otherwise your offerings may be obsolete before they even have the chance to be offered.
About Carson Derrow
