Over the last 4 years while working with more than 13 small startups, I have seen out of these 13 new businesses, 5 failed miserably to carry on their endeavor only after one year. What I witnessed that made these 5 small startups to fail are the four common biggest mistakes every new business owner makes.
Here are those 4 common startup mistakes new business owners often make which in turn becomes a solid reason for their failure:
1. Not doing market research
It doesn’t make any sense in practicality or doesn’t mean you have a successful business if you think you have a great idea that doesn’t require proper market research. For first time entrepreneurs, I advice all of them not to make such a silly mistake. Taking your new business ideas to an informal focus group of colleagues is surely a wise initial step and hence a good start.
2. Business Plan is for Big Players
Some new owners feel that crafting a business plan is just a waste of time and it is only warranted for complex and big businesses. No matter what size of your business is whether small or big, planning helps in organizing your business tasks that in turn results in the smooth achievement of goals and objectives.
3. Thinking they can do it all by their selves alone
One of the common silly mistake new business owners make. They believe they can work out smartly and fearlessly in tough times, although they are mistaken because it is because when we develop and use a network of our friends, colleges, mentors, etc we are actually backing ourselves with right required tools that are very vital in tough times.
4. Success Will Come Easily & Quickly
Though not all but few among new business owners think success is all about starting a business they do not give proper thought to what happens aftermath of starting. To achieve success and rewards, you need to work for long hours, frame out strategic planning and be committed to executing it and until you see rewarding results.