Early start to avoid these 10 kinds of mistakes!

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Entrepreneurship is difficult, and creating startups is more challenging. In addition to facing the challenge of starting a company from scratch, many entrepreneurs lack experience in the business world. Even if they have incredibly ingenious ideas, they still face a lot of complex problems, such as how to manage young businesses, how to deal with financial problems, how to hire people, how to avoid unnecessary spending, and so on.

As a result of inexperience, many startups fail-assuming they actually create the company. To make sure that these disaster stories don't increase, here are 10 things you can avoid at any cost:

1. It's a solo. How many of the startups that have achieved success are only one founder? Ellison (Oracle Software Systems Co., Ltd.) is an exception to the oracle of Larry Ellison.

Creating a company is really hard work and it often takes more than one person to start a business. Everything has its highs and lows, not to mention the tasks that few people can undertake alone. Heavy blows and setbacks sometimes make it hard to continue without the encouragement of others. You need people to help with market planning, build products or services, and have to raise money to create startups.

In most cases, dealing with it alone is incredibly and intimidating. A little help from friends and partners can help you create startups.

2. Do not make business plans or reduce useful content. Having a solid business plan plays a crucial role in determining future success. In the final analysis, the Business plan is to guide startups in the right direction by answering the following questions:

What is the purpose of the company? Who is the potential customer? What is the mission and value? What is the direction of the company? What is the company's competitor? How does the firm measure success?

In other words, a sound business plan determines all aspects of a start-up. When a company is stagnant or is about to start a new business, it can always refer to the business plan.

There is no need to create business plans in the formal way that business schools do. However, it is advisable to have a business plan, as it will help to determine the direction of the company in the long run.

3. Improper processing of funds. When it comes to starting a business, finding money is a big deal and requires you to do the right thing.

One of the biggest mistakes that many entrepreneurs make is that they cost too much, which can often happen when the founders of a business get too worried and hire a lot of employees. First, entrepreneurs may believe that all new employees are needed, but this may simply mean running out of start-up funds faster. To avoid this, start by hiring only those who really need it and step into the workforce.

The founders may be tempted to spend a lot of money quickly, spending unnecessary expenses rather than making the most of the money, and they are simply wasted.

If a venture capital company gives a large sum of money to a company, it may look forward to a huge success soon. You can't go on fooling yourself. It's time to go to work.

You have to set aside some of the money to consider these questions: what if an enterprise suddenly has to take on expensive change costs and is underfunded and the problem is shelved? What happens if the original plan is to be backed up? What if the investor quits or the customer does not pay? What if it suddenly finds that the key link in the business is too expensive? Do you have any money to deal with this situation?

Without proper management and use of funds, new businesses may never sail. To be sure, people who specialize in numbers can help.

4. Can not change the center of business as soon as possible. Every entrepreneur will say that nothing is going to go according to plan. But to be able to change the focus of work in time is part of achieving success. Nokia used to have a paper mill and make rubber boots. And finally, it's a telecoms company.

Odeo used to be a podcast platform. But when Apple launched its own podcast platform, Odeo had to shift its focus. Now Odeo is a social media outlet for Twitter.

In order to be a successful entrepreneur, prepare a fallback plan for each of the worst situations, but also be flexible and be able to shift the focus in case the original proposal doesn't work.

5. The target was too small at the beginning. If an entrepreneur jumps out of the traditional mode of thinking too much (meaning aiming at a small niche market), then success can be elusive. The founder of the incubator Y Combinator, investor Paul Greheum Paul Graham, explains in the 18 errors that kill startups (the mistakes that kill) Many entrepreneurs think it's safer to aim at a smaller group because the competition is less intense. But "if you're really doing something good, you're definitely going to have a competitor, so you'd better face it," Paul Greheum said. "You want to avoid competition, just give up really great ideas."

6. Selected the wrong place to start a business. Site selection has always been important for companies. Opening a shop in the right place is the key, considering the cost, the location of the potential customer, and the whole industry as a whole.

For example, Roland · H. Messi (Rowland H. Macy) initially opened a shop in Massachusetts, but failed. So he learned from his mistakes and relocated his company to New York Sixth Street. The company succeeded and produced the retail giants known as Macy's (Macy ' s).

Take another look at this, many successful High-tech companies are often found in Silicon Valley, Seattle, Oregon State Portland and Boston and other High-tech centers.

But there is another reason to highlight the importance of position issues: Paul Greheum observed that "most venture capital start-ups" are located about one hours away from an investment facility. This may be because investors are learning about startups through other people in their social networks. Therefore, in order to obtain funds, it is best to locate the location of the start-up companies near the location of venture capital companies.

7. Ignore intuition. Entrepreneurial intuition is different. This may be the reason why many entrepreneurs have made great strides. So don't overlook intuition. This can be well exploited.

But make sure that this intriguing intuition is perfectly balanced with digital computing, view key performance metrics and develop business strategies based on research.

8. Start a business at an inappropriate time. Time is everything when you start a business. In some cases, however, there is no control at all (such as economic or natural disasters), so it is necessary to set up the enterprise at the right time. Don't mind detailed scientific methods. Just make sure the company doesn't start prematurely or waits too long.

Starting too quickly may put the entire enterprise at risk. Consider the following question: Is this the product or service that people really want? Are you ready to go to the market? After all, there is nothing worse than rushing to put a product into the market out of a desire to beat a competitor or start a profitable business. Make sure startups are ready to deliver products or services to the public.

On the other hand, don't wait too long. Otherwise, all the money will be depleted or competitors will be the first to bring the product into the market. Make sure everything is ready and not procrastinate. The term is set and the term requirements are met.

9. There was an error in the recruitment process. Ensure that recruitment is not started too quickly. This will deplete the corporate capital. But the part of the hiring process that needs to be constantly adjusted is to recruit the right people.

So many startups fail because the person they hire (perhaps a friend who lacks training for a job role) is not suitable for the company, or because someone doesn't fit into the team because of the uncoordinated personality. Be sure to let qualified personnel work in the start-up business.

Make sure you record everything in your work. Believe that no one wants to be sued by your ex-employee on certain terms.

10. Affected by too many external factors. Whether it's advice or criticism, sometimes feedback from outside can provide a lot of help. Would Facebook take off if Parker (Sean Parker) hadn't suggested Mark Zuckerberg move to California and changed the name of his project from ' Thefacebook ' to ' Facebook '?

Of course, too much feedback can be harmful. With the company's development, many people will say what is best for the company. But if you follow everyone's advice, the business will no longer resemble the original idea. Being taken to too many different directions is not good for an enterprise.

Although Mark Zuckerberg listened to Parker's advice, he still insists on his vision for the future of Facebook. He didn't accept all the advice. He only used advice that he knew would be good for his company.

Author: John Lampton (John Rampton), Search Engine Journal editor, helped founder of a start-up marketing company Adogy.