The launch of a start-up is never an easy task. People start the entrepreneurial journey with enthusiasm, passion and optimism turning a blind eye to the challenges that are coming ahead. According to the Bureau of Labour Statistics of the United States, only 55% of businesses sustain until 5 years.
The common perception on the internet is that most entrepreneurs make the same mistakes. That means, the problems are the same, but the solutions are not so common.
Here are some of the mistakes that young executives make while starting their entrepreneurial expedition. We are going to discuss how you can avoid them.
Never Launch the Start-up Until You Are Ready
After finding an innovative idea, the desire to implement your idea arises. In some cases, technical specifications and design were discussed with partners and experts after several days of pondering the idea. However, the enthusiasm behind a new idea may fade away, and the resources, money and time spent on that idea may be lost.
That’s why you shouldn’t be in a hurry to launch your start-up until you are sure about pursuing the idea for long. Live with the idea, think about everything, closely study your target audience, analyse your competitors’ strengths and weaknesses, and identify the main features of your future product. Then, after completing the research, write down your technical specifications.
So, if some time has passed, you wouldn’t afraid of potential challenges, and the idea still seems groundbreaking, it is time to join the game!
Don’t Go Too Slow
When working on the idea, entrepreneurs find millions of reasons to postpone the launch of the start-up. You can plan and search forever, but nothing is done before it starts. Achieving perfection can be time-consuming and result in the creation of products that customers don’t need.
Usually, entrepreneurs worry that if their products aren’t perfect, their audience won’t come back. Honestly, never flaunt before the launch and thousands of people will come back.
While starting your business, do not see it as a problem if some customers are not happy with your product. Better share its description and uses with customers; this allows customers to suggest what they want in the final product.
Don’t Avoid Sharing Your Idea
Don’t be scared if someone steals your thoughts while you tell them about your idea. It never matters who first come up with the launching; execution matters the most.
For instance, Facebook is not the first social network site, and Google is not the first search engine to get successful. There were websites of a similar arena that launched first but failed. If your idea is detailed and relevant, success will be your fate. To launching a start-up, your goal should be the best idea, not the first.
By concealing your thoughts, you will lose resources such as suggestions, comments, and ideas. Friends can often give you new ideas and suggest platforms for great research. It will also help you in finding the best people for the business.
Sharing your plans can get more attention than you expect. However, feel free to share every detail that avail the deep insights from others. But when exchanging ideas for advice, be careful and active.
Try to Avoid Relying on Emotions and Desires
We regularly hear the maxim, “Let’s implement this idea because I think it is in demand.” In many cases, the demand does not exist, and using standard logic proves to be a terrible approach.
Remember that your vision may deviate from the wishes of your users. Hence, make sure that all characteristics of your product are required and are necessary.
For example, several projects have attributes that we think are according to the needs and demands of the customers. But, the situation turned out to opposite after launching the product.
According to the Fundera report, 14% of start-ups fail because customer needs are not met. Therefore, if you are not sure that your product will be in demand, do not experiment by focusing on your assumptions, which are driven by your desires.
Don’t hire ordinary executives
Executives play an important role in the success of startups because most employees are controlled by executives either directly or indirectly. Your executives should have a growth mindset. Not every person has the passion to stretch his/her boundaries. People with a growth mindset contribute to the growth of the company. To find out whether your executives have a growth mindset, you can hire a firm that provides a growth mindset assessment.
The best way to hire executives is by outsourcing the recruiting to an executive search firm. If you are based in UAE, you can hire Ecap – an executive search firm. Ecap has a lot of experience in executive hiring and provides services in a variety of industries.