Starting a business is hard and you will make many mistakes in the process, especially as a young entrepreneur. While many times they’re unavoidable and part of trial and error, other times they could have been prepared for. This article will outline a few common mistakes that you can and should avoid when building up your new business.
Starting Without an Established Plan
When embarking on a new professional journey it’s important to know what direction you’re heading in before making all the initial investments of time and money. Be sure to have at least a rough plan thought out so that every step you take has a purpose and will bring you closer to your end goal. This includes having basic knowledge of business as well as the industry you will be operating in. It is important that you do all your research, talk to the right people, and even find a mentor that can help guide you sooner rather than later so that you can avoid any preventable problems later on down the line.
Investing In The Wrong Tools
Money is an important factor in the success of your business, even more so when you are first starting out and having to make strategic decisions as to how you will use the money you have. A significant mistake that young entrepreneurs can make is investing their money in unnecessary tools for their business. Yes, you will need some fancy stationary to legitimize your brand to potential clients, but maybe not so soon into the game. You should be focusing instead on tools that will help the process of your business function better, such as a secure virtual data room to store all your confidential data as you build up your company. With a VDR you can ensure that all your information is safe and easily accessible even if you are forced to work remotely or hire employees.
Focusing Too Much On Personal Branding
Your company’s brand is incredibly important in establishing it as memorable in the eyes of potential clients. Your personal brand? Not so much. It’s important to distinguish the two and not fall victim to the current trend because it can come back and bite you if your personal life doesn’t necessarily align with the company. Your business should be its own entity and while you are the name behind it, it shouldn’t be completely intertwined with your identity. Keep it simple and put all that branding effort toward your new website or current product developments so that customers know your company for what it can offer than rather than how you present yourself on social media.
Not Saying ‘No’ When It’s Necessary
It’s easy to get caught up on the ‘Yes Man’ mentality when you begin your entrepreneurial journey in order to open as many doors and opportunities as possible, but there are instances where it is necessary that you say ‘no’. Being able to distinguish between a good plan and a bad one early on will save you a lot of trouble later on down the line and will allow your business to grow under your terms and not under circumstances that were forced upon you after an avoidable mistake. Add a bit more weight to your ‘yes’ moments and recognize that they will lead you and your business down a certain path that you may or may not like in the future.
Not Separating Your Work and Personal Life
While networking is an incredibly important aspect of building a business from the ground up it shouldn’t be conflated with your personal life. You should be able to make friends that won’t lead to a business venture and anyone you do meet about your company shouldn’t have to connect with you on a deeper level. Also, hiring friends to work with you isn’t always the best idea because it can lead to a lot of animosity. It is okay to keep your personal life all to yourself without having to integrate your work life into it. Figure out the balance that works best for you and stick with it in order to help your business flourish while also maintaining a healthy personal life.