5 Common Mistakes Made by Startup Entrepreneurs
America is a nation of dreamers and risk takers with entrepreneurs launching more than 500,000 new businesses each year. Unfortunately, poor planning and mismanagement sink one-quarter of those companies within one year and more than three-quarters within a decade. [Source: Mashable]
The flaw is rarely the idea but rather the execution of the plan. Most flailing startup businesses, no matter their size or industry, fail to avoid these five common missteps that drain time and money.
Relying on the Wrong Team
There are many things you can learn how to do on your own. In fact, one of the secrets to success is honing your skills as a generalist, someone who can understand a little about everything. …show more content…
It allows you to test the idea, tinker with the feedback and refine the final product. Failure is not a roadblock if you find a way to revise and move forward from the experience with a better product. The only way you are guaranteed to fail is if you do not listen. While it is impossible to please everyone, when a theme is recurring, you need to adapt your original plan.
Overlooking the Importance of Marketing
A shoestring budget combined with an overwhelming number of costs means that marketing is typically put on the backburner. Yet, if no one knows about your product, they will never buy it.
Products are not able to sell themselves until they generate buzz, so expect to give away free samples, offer special promotions and provide deep discounts to attract new customers. You need to build a well-designed, well-written website that is easy for visitors to navigate and search engines to index. You will also need business cards and a strong statement about your services to share with everyone you …show more content…
[Source: Ignite Spot] Although social media advertising is not free, it is one of the most inexpensive and accessible options for generating widespread awareness.
While it is important to diversify your marketing efforts, you cannot invest in every tactic. A marketing plan will direct your focus, allowing you to concentrate on three to five short-term strategies that support your long-term vision. Constantly evaluate the metrics to ensure you are not overpaying for the customers you attract.
As you craft your messages, remember that there is a vast difference between marketing to your target audience and meaningfully connecting with them. You must show them the solution to a problem they currently have, might have in the future or don’t even know they
America is a nation of dreamers and risk takers with entrepreneurs launching more than 500,000 new businesses each year. Unfortunately, poor planning and mismanagement sink one-quarter of those companies within one year and more than three-quarters within a decade. [Source: Mashable]
The flaw is rarely the idea but rather the execution of the plan. Most flailing startup businesses, no matter their size or industry, fail to avoid these five common missteps that drain time and money.
Relying on the Wrong Team
There are many things you can learn how to do on your own. In fact, one of the secrets to success is honing your skills as a generalist, someone who can understand a little about everything. …show more content…
It allows you to test the idea, tinker with the feedback and refine the final product. Failure is not a roadblock if you find a way to revise and move forward from the experience with a better product. The only way you are guaranteed to fail is if you do not listen. While it is impossible to please everyone, when a theme is recurring, you need to adapt your original plan.
Overlooking the Importance of Marketing
A shoestring budget combined with an overwhelming number of costs means that marketing is typically put on the backburner. Yet, if no one knows about your product, they will never buy it.
Products are not able to sell themselves until they generate buzz, so expect to give away free samples, offer special promotions and provide deep discounts to attract new customers. You need to build a well-designed, well-written website that is easy for visitors to navigate and search engines to index. You will also need business cards and a strong statement about your services to share with everyone you …show more content…
[Source: Ignite Spot] Although social media advertising is not free, it is one of the most inexpensive and accessible options for generating widespread awareness.
While it is important to diversify your marketing efforts, you cannot invest in every tactic. A marketing plan will direct your focus, allowing you to concentrate on three to five short-term strategies that support your long-term vision. Constantly evaluate the metrics to ensure you are not overpaying for the customers you attract.
As you craft your messages, remember that there is a vast difference between marketing to your target audience and meaningfully connecting with them. You must show them the solution to a problem they currently have, might have in the future or don’t even know they