5 Mistakes to Avoid as a Startup Owner
By: Midhun Areeckal
Tags: Startup Life, Startup, Startup Lessons, Business Mistakes, Startup Mistakes

It’s not uncommon that startups make mistakes; after all, it’s run by human beings, right! But, It’s crucial to avoid those mistakes to a more considerable extent as more than 80% of startups fail in their initial launching year. Starting a business and building it into a significant profit is not an easy task. There will be many pitfalls to avoid. Here we’re looking into mistakes that you should avoid as a startup owner, to be in the game for a long time.

Not having a strategy.

It’s easy not to plan anything, sit idle, that’s it. This is one of the most redundant mistakes that startup businesses tend to make when they start their venture. Most of them don’t even have a clear idea about what they should do with their business after launching it!.

Many individuals are getting on to entrepreneurship these days, as it seems to be a new trend in society. But, to lead the game, it’s crucial to have a clear strategy for each stage of your business. Let it be the downfall or clear progress; you must be well prepared to deal with it.

It’s advisable to have a business plan as it can help you to keep a written document for all your business's strategy, that can help you track the progress.

Doing everything by yourself.

Yeah! It’s your idea, and you will be the ideal person to handle the stuff, but it’s a complete waste of time. Hire someone, search for people who’re good at specific works and give them those responsibilities. You’re the boss, spending your time doing every task can reduce your productivity, and that isn’t good for business.

So, be ready to delegate the tasks to someone. But, don’t be eager to hire someone to work for you, make sure that it’s an ideal time to hire a new team member.

Underpricing products or services

Know your worth! It’s easy to underprice the products and services you provide. As you’re starting out, there will be a lot of confusion on fixing a price but, do some market research and approach other people in the industry to get a price suggestion for what you do. Be sure not to sell anything for loss, as it can destroy your business’s existence.

Many entrepreneurs tend to underprice their effort as sometimes they don’t value themselves much on their effort, or they haven’t actually done any market research. Getting underpaid can be a demotivator for your business, so, be sure to value your effort.

Skipping the legal works

It’s easy to forfeit the legalities of getting into a business, and many do. It’s critical how startups tend to not appoint a lawyer at the initial stages of their workings; it’s fair as the payment is a bit higher. But, several startups tend to suffer because of their “not that easy” approach to legal work.

Every country has its own rules and regulations to follow, which, when done in the best way, can help you to be in the business for long.

Choosing the wrong team

Choosing a partner for your business, and even hiring a team should not be taken lightly, as all of your business’s progress depends on how effective your team can be. Many startups tend to hire people based on just talent, but, it’s not the only thing to consider. Having that right individual in your team can boost your overall business performance.

So, make sure to choose the right team!

Conclusion

As a business owner, our decisions are significant. All of our businesses’ futures tend to lie in our actions. Understanding that responsibility and acting accordingly could help everyone attached to our venture get a better result for their efforts. Be sure to avoid these crucial mistakes that most startups make; it can help you build a better future for your business.