Updated 24 October 18
Making mistakes and learning from them quickly is a big part of starting a business.
However, existing companies have already done the hard learning for you. Here are 5 things you should avoid.
1. Doing something you’re not passionate about
Launching a startup is hard work. Some days will be great where everything seems real and exciting, but others will be frustrating and disappointing. When the harder days come around, losing your motivation is often difficult to avoid.
This is why being passionate about your product is crucial. If you're only not truly invested in your business, it will reflect in everything you do.
2. Not being adaptable
Starting a business will always be about learning. The more you learn the more you can create a product that meets your customers needs. As you continue to find out more about your target market, your prouct will evolve to mirror this.
Having a rigid idea of what your product will be therefore greatly limits your success as a founder. Unless you can adapt to what your customers want, you simply won't gain the growth you're after.
3. Not exploring your competitors
Unless you’ve invented something completely unique, which nowadays is very difficult, you will have direct competitors.
Don’t pretend they don’t exist. Figure out what sets you apart and what gives you an edge. Be better than them.
4. Neglecting marketing
“Great marketing won’t save a shitty product, but with shitty marketing, even a great product doesn’t stand a chance”.
Although building a great product is a major part of starting a successful business, if you fail to market it well, you'll struggle to reach your customers.
Things like SEO, content marketing and paid advertising are all things you should think about investing in.
5. Expecting immediate success
A great business isn't built over night. Being passionate is important, but having unrealistic expectations is something else. It takes a long time to start a business let alone to start making money from it.