Every startup business faces challenges, some more than others. But there are five common blunders that can stop even the most promising startup in its tracks and doom it to failure before it’s even begun. Here’s how to avoid them and start your startup on the right foot from the get-go.
Not having a mission statement
Your mission statement is your company’s reason for existing–it’s what you do, who you do it for, and why you do it. Without a mission statement, it’s easy to lose sight of your goals and make decisions that aren’t in line with your company’s core values.
When you’re starting a business, it’s easy to feel like you’re the only one in your space. But the truth is, there are always going to be other businesses out there vying for the same customers and clients like you. So don’t underestimate your competition. Do your research and know who they are and what they’re offering.
Assuming it will sell itself
One of the most common blunders startups make is assuming that their product or service will sell itself with little to no marketing or promotion. The truth is, that even the best products and services need a solid marketing and advertising strategy to attract attention and generate interest.
Without a plan for getting your business in front of potential customers, your startup is likely to fizzle out before it ever really gets off the ground.
Hiring the wrong person
One of the most common blunders that startup businesses make is hiring the wrong person for the job. This can be costly in terms of both time and money and can set your business back significantly.
To avoid this, take the time to interview potential candidates thoroughly, and make sure they’re a good fit for both the job and your company culture.
A lack of planning and proper execution
One of the most common mistakes that startup businesses make is a lack of planning and proper execution. Without a clear plan, it can be difficult to track progress and measure success. Additionally, failing to execute properly can lead to costly mistakes that could have been avoided with proper planning.