Mistakes that You Should Avoid When You’re Starting A Startup
A mistake can be made by anyone, even more, when you’re starting a startup. The road is long and in it, you will find a series of obstacles that if you manage to avoid, you will be able to guarantee the success of your company from its earliest stage.
The initial advice is that as an entrepreneur, you should be cautious and not make hasty decisions regarding your business. Based on this, we give you the following tips to learn how to detect errors and avoid falling into traps.
Start the project alone
When undertaking a project, it is best to start with a small team or with a partner that will complement you and help you better manage all the tasks of the project.
Two heads think more than one, if you start a project alone, there are more chances that it will be difficult to make it grow, since resources are more limited and the amount of knowledge needed to set up a startup is usually extremely large.
Don’t use company resources, if you are working for one
If you are working for a company at the time of your startup, please avoid at all costs to use the resources of this for your startup or even worse to use the working hours to focus on your project.
Imagine you are creating the next unicorn, you dedicate several years of your life to this and when you achieve success, the company you work or used to work for decides to claim part of the intellectual property of your project because you did not respect the company’s policies and developed your project using its resources. A total nightmare, best to avoid!
Get advice and know the policies of the company you work for. Depending on the case, talk to your employer and explain that you are developing a project outside working hours, leaving in writing everything that has been said about your project and the possibility of continuing to develop it without any inconvenience.
Don’t create the company
Ideas come and go, and just as they may occur to you, they may occur to someone else. To avoid this or that someone might steal your idea or claim property rights over it, the best thing to do is to run to the registry and create your company.
Setting up a company is the first thing you should do, even in the early stages of the startup. Hire a lawyer specializing in startups, to guide you and help you build the right company for your project.
If you are at this stage and need help to set up a company, at Bcombinator we can help you.
Investing little time in sales
It is normal to want the project being developed to be perfect, so you end up investing too much time in fixing or adjusting small details before formalizing the final product or service. ERROR! Spending too much time on this can play against the time to go to the market and seek customers.
Directing your product to a small niche market
Defining a market niche that is too small at the time of guiding the startup can be beneficial at the beginning but in the long term not so much, since at the time of business expansion, the company will grow but the niche will not, bringing economic consequences to the project.
It is advisable to find a niche that is large enough to allow competition and in turn expand the supply of products or services as the project evolves.
Listen to advice from everyone, but not the right one
At the beginning of a startup, it is normal to tell others what we do and therefore always end up receiving advice on how to do things “better”. Receiving information from different sources can be a bit overwhelming.
Pay attention to those who do know about entrepreneurship and know how to grow a business, just as a mentor can. The mentor can serve as a guide in your journey as an entrepreneur, facilitating the entire process that leads to the evolution of a startup, thanks to all the experience that it can have in the entrepreneurial world.
Not having a business plan
Behind every great project, there is a good business plan. It is good to have an idea, but if we want the project to become a reality, it is necessary to have a business plan, which is capable of showing all the opportunities offered by the market, the needs that will be covered, and the difficulties that will be faced and must be overcome.
The business plan will allow you to set goals, make budgets, detail the structure of the organization and its way of operating, among other aspects.
Launch the project very quickly
Waiting too long to launch something on the market could detract from the novelty of the product or service, however, if it is done too soon, you run the risk of “burning” the product’s reputation.
Before launching it, certain parameters must be taken into account: a defined approach, a market niche, a possibility of growth and quality standards, functionality, and usability.
Taking too long to launch the project
Opportunities come and go, just as it is a mistake to rush and launch a product, so it takes too long to launch because we are focused on solving the smallest of details and want to perfect the product as much as possible can have consequences. For example, if users lose interest in the product or if there is already something available to cover the need that was intended to be covered.
The presentation of an MVP (minimum viable product), on the one hand, can help you speed up the launch of a product or application with the certainty that it will go to a host audience and on the other hand will force you to improve it on the fly until you get the final product.
If you have an idea or project in hand and you want to develop it from the beginning without mistakes, we recommend you get advice from one of our mentors, or come to Bcombinator to develop with guarantees of success.