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5 Mistakes Young
I’ve been able to find several key examples of practices
and ideals to avoid while embarking on entrepreneurship.
If these sound like a road you are about to travel down,
hopefully these words of warning will help you correct
your mistakes before you make them!
The truth is, it’s very possible that someone else has an
idea similar to yours. The dividing factor, however, is that
you are the one executing your idea, doing the work, and
hustling to make things happen. You can’t keep your an
idea a secret and expect to do market research on your
project at the same time. Unfortunately, things will always
be a gamble, but with the right copyright and patent
practices, a smart business plan, and confidence, you’ll be
able to protect your young empire.
Say it with me: you can’t do it all! No matter how amazing
you are, you will not be able to go from concept to launch
all on your own. And why would you want to? It’s always
better to have a support system and a second pair of eyes
to review your work. Creating a team may be as daunting
as finding the right life partner, but once you find the
teammates that are right for you, your business models
and success will start to shape themselves!
Hiring your friends can seem like a great idea at first; you
trust them, they understand your passion, and you work
well together already. The only problem is that you may be
overlooking their actual skillset, hiring for comfort rather
than credibility. These two factors will play a huge role in
your hiring process. You will need to be smart about who
you hire, how many employees you can afford to hire, and
what your new employees bring to the table.
Timing is everything, and if you get the timing on your
launch wrong, it could kill your product altogether.
Fortune.com recently published an article stating that,
“The biggest competitive advantage a startup has against
big corporations is speed and adaptability.” You will need
to study your market and know when to strike in order to
make a big impact!
#5. Fundraising That Is
Insufficient Or Too Grand
For some, staying a bit behind the capital curve will help to
spark motivation and creativity, keeping the team hungry.
And for others, having more money than anticipated can
lead to poor decisions that are based just off of cost
instead of what is really the best move forward. And even
further still, if you plow through a ton of money in the
beginning and need to reach out again, your investors may
not be as willing to offer the cash a second time around if
progress has not been made.
By avoiding the above mistakes, you’ll be way ahead of the
game as a young entrepreneur. There will always be
bumps and curveballs along the way, but knowing that
you’ve laid a strong foundation and have done the
research necessary to succeed, you’ll feel much better in
your decision making.
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