5 Mistakes To Avoid While Starting a New Business

The start of a business brings with it its own share of obstacles and difficult circumstances especially when your start-up is backed by limited investment and support of less people. But it can be one of the most adventurous journeys that is food for your soul. While you have the power to bring ideas to life, build a team of talented professionals and give the desired structure to your business, you must know that some silly mistakes can postpone the success of your business.

* Trying To Be The Jack Of All Trades

In your thirst of being most productive to the business in the initial stages, as an entrepreneur you may feel like multi-tasking all the time. In a bid to attain perfection and to ensure timely job completion, you may end up loading yourself with all kinds of tasks for establishing your business’ strong foundation. Since the business requires your complete attention at its infancy stage, you must definitely start delegating different tasks to your team and explain them how you expect the work to be done. This will give you ample time and a clutter free mind for focusing on the areas of the business that needs your sole attention.

* Not Having Interest In The Business Domain

No matter how much time, money and efforts you are investing, you won’t be able to go far with your business if you are not interested in it. Sometimes due to current and predicted trends, entrepreneurs may get lured to run a business they have least interest in as it is the money factor that attracts them. But your business should be born out of your passion and you must deeply care what you are doing and for whom you are building it for. This is how you get the strength to overcome the inevitable obstacles that accompany start-ups. No successful entrepreneur became successful through a winning formula or just got lucky one day. They have been attaining success every minute they have put in their business, because they were emotionally attached to the cause.

* Not Imposing Accountability

In case one or some of your team members are not punctual to office or team meetings and you being their leader have not taken any action against late comings, then it sends a message that such kind of behaviour is acceptable in your office. Many entrepreneurs don’t prefer to be the ‘bad boss’ who keeps nagging his / her employees. But in the process of being friendly with your team members, you are somehow compromising with work ethics, workplace ambience and the quality of work.

* Seeking Perfection More Than Improving Performance

Entrepreneurs do possess a zest for details but when it comes to moving forward and keeping the progress levels consistently soaring, then it is not the perfection that needs to be your priority. Business in initial stages can never achieve perfection and in fact, many changes and amendments must be incorporated to get the ship of the business sailing even during tough times. In your endeavour of getting things perfect, you may overlook certain opportunities that you can utilise for solving several of your real problems. Of course, when it comes to finances, marketing strategies and maintaining customer relations, detailing is quite important, but for petty tasks, you can take temporary decisions and move on.

* Launching A Highly Expensive Website Right On Day One

When your start-up is growing, it is your duty to ensure that resources are optimally used in the right direction. On the first day of your business when you already have to incur important expenses, building a fancy website without knowing who your target audience are, will definitely be a decision that you will repent later. Being an entrepreneur who is concerned initially about building a brand image of being customer centric, you must go for the basic website. An informative website initially will invite people to know who you are and what you have to offer.