Starting a business isn't easy and it's definitely not glamorous. There are lots of ups and downs, and more often than not, failures.
There is a lot of trial and error involved If you've spoken to a lot of entrepreneurs, you've probably heard many of the same stories over and over again. Let those lessons be your shortcut or reminders to sidetrack the many mistakes business owners face in the beginning.
People make this mistake in two ways - they either spend too much or not enough. Obviously, money is a big concern, but it's also the reason you went into to business - to make money. Depending on your industry, you may need to spend a little or a lot, however, it should all be done within reason.
If you're going to spend a lot, you should do a lot of testing to ensure it's what your business needs to get to market to test it or you have already tested and validated your business idea, so you're ready to take it to the next level.
On the flip side, many entrepreneurs don't want to spend any money because they're not making money. Think of it like college. You're not making any money then to pay for your education, but you believe that investment will pay itself off. Too many entrepreneurs in this boat focus too much on the money and not the value of what the money spent will provide for the business and its growth. Notice I said value and what the money will provide. That's another lesson in spending less on amateurs. Don't do it because then you're wasting money by not being strategic.
I'm not sure why, but competition stops a lot of people. They say, "Oh something like this already exists, so I can't do it." In fact, that's exactly why you should do it! If something similar is successful on the market, then they've done the research for you and proved there are customer or clients utilizes what you're building.
Now, this is your opportunity to make it your own. Add a little bit of your personality or find a way to make the business more convenient or more cost effective for your future clients or customers.
3. Setting the right goals
Many people have great ideas and go all in because they are excited about their concept. You need to have goals - yearly, quarterly, monthly, and even daily.
They need to be SMART goals. The S stands for strategic. Too many people do things for the sake of doing them. If you're going to act, act with a purpose. The M stands for measurable. If you can't measure what you're doing, you won't know if it's working or not. Keep track of numbers while you work toward your specific goal. The A stands for... The R stands for realistic. This means don't set a goal to earn $10 million your first year of business. The T stands for timely. When are you going to complete a specific goal by?
4. Working solo
In the beginning, it makes sense to think you can do it all. It's your business after all, but if you want to grow, you need to look to people who can tackle to issue you don't like to handle or don't know how to execute. You need a team.
I understand it's tough to trust your business with someone else, but if you don't let people in, you will drive yourself crazy spending three hours on something another person can do better in 30 minutes.
Again, this brings up the issue of making money, but before you think about the money, think about the value it brings to your business, and in turn, your life.