Survey results show that less than half of companies survive to celebrate their fifth anniversary, and summing up the large number of failures reveals some common, stupid mistakes. Some mistakes are justifiable due to inexperience, and some are a little counterintuitive, but people in startups don’t know it.

There is nothing new under the sun, everyone feels that they are unique and different, but if God’s perspective is really opened, most people’s behaviors will actually be surprisingly similar. Entrepreneurship is no exception. Through a lot of investigation and research, this article summarizes the top ten mistakes that entrepreneurs are most likely to make. Please conduct self-examination in time!

It is a harsh fact of the business jungle that some startups succeed and some fail. When faced with the question: “What kind of mistakes have you made as an entrepreneur?”, every entrepreneur should have a lot to say, and some people can even make a long list.

In starting a business, I wish you success in bypassing these minefields. Although there are bound to be various mistakes in entrepreneurship itself, the guiding principle leading to entrepreneurial success is: the fewer mistakes you make, the greater your chances of success.

Next, We will share with you the top 10 mistakes that startup founders often make.

1. Make concessions on your proposal

If you do not have a plan in hand when you start a business, it is equivalent to traveling far without a compass or a map, and of course you will get lost.

A business plan can provide direction from the beginning and answer the key questions related to entrepreneurial success for you. If you think it’s a dispensable thing, then your business has been declared a failure from the beginning.

2. Want to get the most done in the shortest amount of time

As an entrepreneur, it’s easy to get excited when the idea of ​​a startup that’s been circling in your head for years is finally coming to fruition. If these ideas, ideas are given equal importance, you will soon be overwhelmed, which will cause the plane that has just taken off a little bit to immediately fall to the ground.

You have to remember that you are just getting started, this is not the time to think about building an empire state building, your company is just a startup, nothing more. Let your execution fall on as few points as possible, and make your business development model as simple as possible.

3. Do everything by yourself

The owner of a start-up company can easily get into the subtle level of management. No one likes this kind of boss who asks everything again and again, and the management is meticulous to the extreme. As an entrepreneur, your energy is not enough. Assigned to the most important things and burn out very easily.

Try to distribute the tasks, so that the employees below have clearer responsibilities, and let them each have certain resources necessary to handle the tasks. If necessary, you can even break away from work and take a short vacation for yourself. Often such a rest will bring you a more powerful in the future.

4. Allowing “unhealthy relationships” to exist

Entrepreneurs are often positive and positive thinking people, which is the main reason why they are willing to take risks, but even the most positive entrepreneurs are easily hit by some people and things.

If there is such a group of people around you, chattering to remind you how many failed entrepreneurial cases around you, then maybe you should be making friends carelessly. Being with such a group of people every day is the last mistake an entrepreneur should make. They may be your close friends, colleagues, family members, etc. You must stay away from such a negative attitude.

5. Picking the wrong location

The advantages and disadvantages of geographical location actually also greatly affect the probability of entrepreneurial success. Now let’s assume that if you open a store now, the products you sell are aimed at young people who are interested in technology products, but your location is in an old neighborhood full of pensioners and pensioners , This is also a mistake that entrepreneurs are prone to make. This entrepreneurial project did not usher in an explosion. It may not be because the idea is bad, but because its geographical location is too bad.

When considering starting a business, the geographic location of your potential customers and the cost of running a company should be two major issues you consider in advance.

6. No clear target customers

You can’t develop a product that can solve everyone’s problems, so if you don’t have a clear target customer, a very important part of your entrepreneurial blueprint will be missing.

Knowing that different groups of people face different problems, keeping this in mind will let you know what product you want to develop. If you start building a product without figuring this out, you can basically declare your business plan bankrupt.

7. Not taking customer feedback into account

The start-up’s product may have been born out of your idea at first, but that was just an introduction. When you ignore the feedback from potential customers during product testing on the eve of release, then the product you come up with in the end will not be welcomed and recognized by the market.

Seriously consider customer suggestions and opinions. This does not mean that you need to completely abandon the original idea. Not all opinions are suitable for your product, but you have to make sure that every customer feedback is your entrepreneurial idea. , an opportunity to improve product concepts.

8. Failure to maintain a good relationship with your customers and investors

Making mistakes in relationships with key investors and customers is simply the deadliest risk of starting a business, and it may wipe out all your previous hard work day and night. Meeting them regularly, having meetings, and keeping them updated on what’s going on with the company are all ways to make sure the friendship boat doesn’t turn upside down. Remember, the struggle to keep a relationship alive is far easier than building it from scratch.

9. Ignore the experience of others

Experience is the best teacher, but it doesn’t have to come from you. You are not a genius, and you are not the first person in the world to think of this entrepreneurial idea. You must have had similar entrepreneurial experiences before. Some of them failed, and some of them succeeded. If you ignore their experiences and advice, you risk repeating the same bitterness that was tasted by others and passed on to you now.

You should find people who have experience in your industry as much as possible, and ask them what their biggest lesson was when they started their business. There are countless obstacles on the way to start a business. Listen to the opinions of the old captain!

10. Wrong hiring process

Hiring too early, or too late, or hiring the wrong people

Let’s face it: In this world, the vast majority of applicants have no interest in their position at all, they are just looking for a source of income.

Under such a premise, it is really difficult for you to find the employee you like. What’s more, almost everyone who comes to the interview is a person who can only say “yes” and smile all over his face. If you hire someone who neither understands your startup vision nor shares the same level of enthusiasm as you do, then you are planting a ticking time bomb inside your company.

Deepti Sharma Kapur of FoodtoEat shares her story of finding the wrong people in 2012, and finding her own startup has been a life-threatening struggle, especially when she had to fire the people she hired herself. The process is painful and distracts from your energy and focus.

If you start to search for talents, always focus on an internal environment, such as the industry your start-up company belongs to. Searching in a limited range will greatly reduce the risk of finding the wrong people. If they have heard about your company in advance, And having some understanding of your vision is even better.

If you don’t have enough money right now to hire and pay wages, then don’t hire. Many companies now use automated or digital systems to perform some tasks, and other tasks can also be outsourced. You should find the path that is most suitable for your company’s development, and stick to it until one day you have enough money in your pocket to recruit your own employees.