Drew Houston, the Co-founder of DropBox said: “Don’t worry about failure; you only have to be right once.” And in any business, this should be printed on walls and tattooed on every founder’s eyelids. There’s so much power in failing an experience, in learning what to take from it and where to build shields around the weaker spots. If you’re choosing the path less travelled of starting up a business, you need to make the common mistakes quickly so that you stay ahead of the curve.
We listed the five mistakes you want to make as early as you can and never do them again.
1-Avoid All Technology
The first mistake is working harder and not smarter. Everything in the world is at the tip of your fingers, and the most expensive tool is time, how do you want to spend it?
If you look hard enough, you will find all the technology there is to help you work smarter. Get your hands on every technology that would save your time and help you get ahead in shorter time.
2-Skip The Planning Phase
If you don’t have a plan, you don’t know where you’re going. In the initial phase, spend most of the time envisioning your plan and how you want to make it happen and the best ways to make it happen. The plan is your way to success, get it right, commit to it and you will get there at your own pace.
3-Sell Yourself Short
Your product/service is new; it doesn’t deserve an expensive price tag, so go as low as you can.
This fear will cost you dramatically; if people view your product/service as too cheap, they will wonder what’s wrong with it. If you’re offering unique value, you should own it by knowing it’s worth.
4-Don’t Give Much Thought to Marketing
Marketing is everything, the first thing people do when they hear of a new product/service is Google and Facebook them, read reviews and read how you position your product. If you don’t have a solid online presence, they will instantly lose interest and consider you a fraud.
5-Spend, spend, spend
If you spend all your resources in the beginning of the startup, you will be depleted soon enough. That’s why you need a strict business budget, it covers everything from A to Z of all expenses, you need to be strategic and ruthless by curbing all petty expenditure. Spend all you want without a budget and you will have big ideas that could change the world as we know it and no money to execute them, so they’re as good as a cactus plant in your balcony.
Mistakes are inevitable. The most important thing is being aware of them and relentlessly working and learning to make strategic and well-informed decisions in your business. If you manage that and maintain your resilience when you do make an inevitable mistake, doors will open and success is guaranteed.