Evade Entrepreneurial Pitfalls: Un_Standard’s Guide to Avoiding Common Startup Mistakes
Embarking on the journey of entrepreneurship is akin to navigating uncharted waters. The tides are unpredictable, the path is winding, and the destination is often shrouded in mist. But fear not, for these treacherous waters have been traversed before. Many have sailed before you, leaving behind markers of their successes and failures. This article will help you learn from these markers and avoid some of the most common mistakes entrepreneurs make when starting out.
Step 1: Stay on Target
How often have you seen startups veer off course, lost in a sea of opportunities, only to end up marooned on the island of failure? It’s a tale as old as time. Losing focus is a common pitfall many new entrepreneurs fall into
How often have you seen startups veer off course, lost in a sea of opportunities, only to end up marooned on the island of failure? It’s a tale as old as time. Losing focus is a common pitfall many new entrepreneurs fall into
But staying on target doesn’t mean being rigid. It’s essential to remain flexible and adapt to changing circumstances without losing sight of your ultimate goal. A successful entrepreneur constantly adjusts the sails but keeps the lighthouse in sight.
Step 2: Be Realistic About Costs
Another common mistake new entrepreneurs make is underestimating the funds required for their startup. While controlling expenses is crucial, don’t shortchange your startup by undercapitalizing it.
Consider David Neeleman, who raised $160 million in startup capital for JetBlue, far more than most industry entrants manage. Despite skepticism, his well-capitalized startup led to one of the most successful airline launches ever.
Step 3: Hire the People You Need, Not the People You Like
Staffing your startup can be a tricky business. Tempting as it may be to surround yourself with friends and family, it’s often a recipe for disaster. Hiring people based on competence rather than comfort will save you a lot of tough conversations down the line.
When assembling your team, look for individuals who share your vision and can bring industry knowledge and diverse perspectives to the table. Remember, nobody has all the answers – not even you.
From Startup to Growth
Step 4: Know When to Say Goodbye
Knowing when to step back is a hallmark of a great entrepreneur. Few entrepreneurs make great managers. It’s crucial to find a manager who shares your vision and to whom you can confidently hand over the reins when the time comes.
However, stepping back doesn’t mean turning your back. Always stay involved, and don’t hesitate to voice your thoughts or ask pointed questions when necessary. After all, it’s your vision that sets the ship sailing.
Ready to Navigate with Un_Standard?
Navigating the tumultuous seas of entrepreneurship can be daunting. But armed with the proper knowledge, guidance, and a touch of audacity, you can steer clear of common pitfalls and sail toward success.
At Un_Standard, we’re here to help chart your course. With our expert guidance and innovative solutions, we can help your startup not just survive but thrive. So why wait? Contact us today, and let’s set sail toward your entrepreneurial dream.
About the author
David Garrard
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David Garrard
Agent Provocateur and Chief Creative Officer at Hone Ventures and Un_Standard. We create strategies for businesses of all sizes that improve customer relationships and help businesses grow. In his spare time, he loves experimenting in the kitchen and chasing after his three cats, Hallie Tosis, Lester Een, and Jim G. Vitis.
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