When you go online, you come in contact with lots of content that tell you how to run a startup business. In fact, there is an abundance of resources on how to start a startup, startup tips, startup launch checklist, etc. You need to know where to search.
However, most of them don’t tell you HOW NOT to run a startup business. It is not only important to know how to run a startup business, but you also need to understand HOW NOT to run a startup business.
Why should you know how not to run a startup business?
The knowledge you would get from knowing how not to run a business would help you avoid silly business mistakes that can cost you a fortune.
Here is precisely how not to run a startup business:
- Rushing to hire or find a co-founder: Who you hire in business is very important, likewise, whoever becomes your co-founder is also essential. Who you work with can make or mar your business, especially if you are working with people with different visions and understanding of your business. Just because you have known someone for a long while or because someone is your friends doesn’t automatically qualify them as your team member or your co-founder. This doesn’t mean your co-founder can’t be someone you knew before now; it just means that you have to take out time to find the perfect fit. You need people who would bring value to the table as well as the skills and experiences you do not already have.
- Trying to do everything yourself: The truth is this – you can’t do everything yourself. You need help, and so you should seek it. Hire freelancers if you need to, train interns and let them handle some part of your work, understand how to delegate appropriately, etc.
- Not growing and evolving: One of the ways to stay relevant in your field or industry is by continually growing and evolving. If you don’t recognize the shifts that your industry or target audience experience, then you might be left behind.
- Not defining what success means for your business: No two companies are the same, and it is crucial that you identify what success means to you and your business. This means that you should set goals based on your business mission and vision and identify important milestones. Avoid accepting your competitor’s definition of success. Know what works for you.
- Promising what you cannot deliver: Never promise what you cannot perform; your reputation is at stake! One bad review can go a long way in affecting your business. Once one person tells another, it continues to spread like wildfire.
What are some of the tips you wish you knew earlier before starting your business? Do drop your comments below!