10 Common Mistakes To Avoid When Starting a Startup:
- Not validating the business model
- Not adjusting what customers want
- Starting other business too soon
- Not having a clear elevator pitch
- Focusing on revenue instead of profits
- Looking at marketing as an expense vs investment
- Not delegating tasks sooner
- Not being unique
- Not celebrating minor successes and only focuses on small problems
- Not learning to step away and reflect to control emotions
Things To Avoid When Starting Up A Business FAQ
Why do you need to validate the business model?
Validation is very important when starting up a business. If you refuse to validate, investors will hesitate to invest in you. The three core assumptions of the business model include delivering, creating and capturing value.
Why do you need to adjust to the wants of your customers?
You need to adjust to your customers because do more than merely buying your products or using your services. Customers experience your brand and good experiences are proven in leading higher revenues.
What are some tips when dealing with customers?
- Take them seriously
- Stay calm
- Identify their needs
- Suggest solutions
- Acknowledge your limits
- Be available
- Get regular feedback
Why should you never start a business too soon?
Jumping from one business to another will only compromise your time and effort. You cannot focus on doing two things at the same time.
When is the best time to venture into another business?
The best time to venture another business is when you are sure that the previous one is going strong and steady. Remember that you invested time and effort for your business to succeed, you won’t like seeing it being dragged down.
What are the tips when clearing elevator pitch?
- Keep it short
- Be clear
- Tailor it
- Include a call to action
- Do some follow-up meeting
Why do you need to focus on profits than its revenue?
You need to focus on profits because they are the measurement of your ROI. You can be profitable by building something that you can sell.
What is the difference between revenue and profit?
Revenue is the total amount of your income while profit is your business’s total revenue amount minus the total costs. Though often used interchangeably, they actually have different meanings especially because revenue does not always come from sales.
Why should you avoid looking at marketing as an expense vs investment?
- Because of the Principle of ROI
- Because of Permanent Assets and Compounding Returns
- Because of Temporary Expenses
Why should you not delegate tasks sooner?
- To make work faster and easier
- To make it right
- To avoid additional responsibilities
- To avoid being seen as dispensable
- To avoid mistakes that can affect your reputation
Why do you need to be unique?
Becoming unique is way better than being perfect. Dig with your strengths and know more on how you can improve it.
Why do you need to celebrate minor successes?
Everything starts with being small. As you celebrate these minor successes, you can reflect on how you can do some improvements for your business.
Why should you never focus on small problems?
Big things are coming ahead. There’s no reason to get frustrated with small problems that can be resolved a lot easier.
Why do you need to learn to step away?
- Because you need to grow
- Because you are stronger than you think
- Because people are giving you a lot more credit
- Because you are awesome
How can you control your emotions?
- Don’t react instantly
- Ask for diving guidance
- Look for a healthy outlet
- Look at the bigger picture
- Replace your thoughts
- Don’t mind those emotional triggers