7 Mistakes You Need to Avoid Making in Your Startup

Entrepreneurship has been recognized throughout the world as a real tool to accelerate the development process of nations. In fact, no economy in the world can survive without entrepreneurs. Why then does a high percentage of entrepreneurs go through life as failures? Why do many become obscure and ridiculed for their failed commercial dreams?

As an aspiring entrepreneur or entrepreneur, I know that this question has stopped being asked. Here is the truth; 70% of the companies fail before the end of their second year of establishment and this has been attributed to the attitudinal factor.

Yes, it is not the name that makes you a success, but the way in which you carry out your business activities. To carry the title “Entrepreneur” you do not add a dollar to your pocket. If you do not do what is required, it would be practically impossible for you to succeed in the business world.

Here are seven mistakes you should avoid in your newly created company:

1. Do not hire an unqualified relative or friend

There is an old maxim that says: “There is no brother in the business”. When you start your business, this must become a well-understood philosophy; An idea that you must take. If your family member or friend does not have the necessary skills, do not hire them.

Hiring unnecessary hands that are not for skills, is a mistake in the business world. If you want to hire an unqualified family member or friend, do not do it in the company’s childhood phase. Even in the adolescent phase, you should still adequately train your friend or unqualified relative before you bring it.

“THE SECRET TO SUCCESSFUL HIRING IS THIS: LOOK FOR THE PEOPLE WHO WANT TO CHANGE THE WORLD.“ – MARC BENIOFF

2. Never see your business as a Bank

Successful entrepreneurs are those who see their company or venture as a means to solve problems and not as a bank. They often think of ways to solve one problem or another in order to put a smile on the faces of consumers and not how to empty their pockets. That is why they are able to make a successful career story.

An individual who aspires to be a successful entrepreneur must begin to see his business as a means to solve problems. This mentality makes a big difference in the life of an entrepreneur.

3. Ask questions when necessary

When a problem arises, instead of shrugging or being too afraid to show this vulnerability, an entrepreneur who aspires to succeed simply asks questions of those who were there before him. Of course, these people have made similar mistakes in the past, learned the lessons and now understand them.

According to Confucius, “the man who asked a question is stupid for a minute, the one who does not ask is a fool for life.” Remember the golden rule for all business owners: “Put yourself in the shoes of your customers.” If you keep customers waiting too long, they will find the nearest store. In short, the attitude too proud to ask does not work in business.

4. Do not promise what you can not offer

When customers discover that you are not reliable, they prefer to die rather than buy it back. People are like poison when you try to deceive them. In fact, they do everything possible to pay for trying to call them fools. When a client discovers that you are not honest, he will tell anyone who cares to hear how false he is.

Nothing kills a commercial company more than this. Remember, most consumers rely a lot on the information provided by their family or friends at the time of purchase. An entrepreneur who wants to succeed never promises what he does not offer or can not offer.

5. Do not mix business with pleasure

No matter how hard you try, you can never get a nice result by mixing oil with water. Trying to mix business with pleasure is like trying to mix oil with water. Nothing good comes out of that. A business environment is a place to solve a problem or satisfy a need. It should never be confused with a love nest or a brewery.

Solving a problem is not child’s play; The whole person demands. Devoting more time and other resources to things that are less important for the growth of the whole company can take an entrepreneur out of the company faster than you may think.

“YOU SHOULDN’T FOCUS ON WHY YOU CAN’T DO SOMETHING, WHICH IS WHAT MOST PEOPLE DO. YOU SHOULD FOCUS ON WHY PERHAPS YOU CAN, AND BE ONE OF THE EXCEPTIONS.” – STEVE CASE

6. Never stop researching and exploring the market in search of business opportunities

Faced with increasingly threatening competition, an entrepreneur who aspires to succeed must never stop at research and the search for ideas or commercial opportunities in the market. Because the moment you stop to do this, your products or your way of doing business become old.

An entrepreneur must make sure to always see the products and advertisements of the competitors to find the holes and fill them. Implementing new business ideas or improving existing ones is the panacea for the success of entrepreneurs in today’s fast-paced business climate.

7. Avoid doing things that are not critical to the development of your company.

A businessman who knows what he wants, sets goals and a series of intermediate goals to achieve it. Participating in too many activities at the same time is a mistake in the business world. To achieve its objectives, its activities must revolve around its established goal.

To avoid doing things that are not aligned with the survival and development of your business, you must write down your objectives and mark those in which you want to work first, second, third, etc. Technology entrepreneur Elon Musk said: “People work better when they know what the goal is and why.”