Founder's advice: common entrepreneurial pitfalls to avoid

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Ask any company's founders or co-founder who can tell you more than one mistake. They have made these mistakes in the process of building their own business. If a company has never made a mistake, they will never succeed. Finding the wrong co-founder, hiring the wrong employees, not signing a legal agreement, hiring your own friends ... Of all the mistakes that startups have, the list can be indefinitely listed, and which are the most common among all avoidable entrepreneurial mistakes? Let's listen to the people who have experienced it.

I want to be my own boss.

One of the biggest mistakes that entrepreneurs face is underestimating how hard it is to start a business. Naren Gupta, co-founder of Nexus Investment Partnership, says don't start a company just because you want to be your own boss. In the beginning, in fact, nothing is as you think. When you hire someone, you are completely responsible for the person, and for everything that the employee wants to see in the company.

Team

As the founders went further and farther, it was clear that they were looking for someone who was right for them. However, it is extremely important that those who are able to meet your needs in some way can be more appropriate than those who look versatile. Chargebee Krish Subramanian, co-founder of the company, told us.

One of the biggest reasons for entrepreneurship failure is that team members can't work with each other, Gupta said. This makes it a very important step to find the right co-founder. Make the wrong choice and things will not evolve as you think.

Don't make products, just do beautiful website

Another mistake that early entrepreneurs may have made: if they are doing product-related companies, they end up not doing the product, but the official site of the product. ' The site first--not work on the product--seems to him to be the wrong path, ' says Krishna. Just make a simple page, focus on the core work, get more users and keep them. Talk to the user instead of building the site.

He felt that startups should continue to iterate over their products. You originally planned to spend 3-4 weeks on the site, which could eventually become four months. What if you finally give up? This time is so precious that there is no time left for you to waste to beautify the site. It's enough to write a product update on the website, Krishna said.

Choose the right technical means

As a start-up company, choosing the right technology means a lot to determine the future of the company. Don't create a company because of the Naryn of technology in one area, Dr. Naren said. What is hot today may become something else tomorrow. Do it just because you really believe in the field and you have the know-how.

Krishna agreed with such an idea. In technology, he says, when you're comfortable with some of the latest and coolest ideas, if the product succeeds, it's not necessarily because all the tech is docked, but because the way we use it is different, it's built differently.

Leave something for yourself.

One of the common mistakes startups make in growing up is falling into the trap of investing. Put too much stock in the early days, instead of leaving it to himself, Wingify Paras Chopra, the founder of the company, said that, according to his experience, they managed to evade many of the so-called angel investors or mentors, promising to help you and take a large portion of the stake as a price. You have to keep your head clear. Don't listen to them and give up the shares early.

If you give a lot of equity early on, it will be difficult for you to finance it later. This will also make the founder's entrepreneurial story less exciting unless the entrepreneur gets a large salary in the process.

Keep the ledger clean.

One important thing that startups need to be particularly cautious about is money. If there is anything to do with money, you need to spend a lot of time making the right decisions. "We were supposed to get some important guidance in places like payment, operating procedures, accounting systems, well trained accountants." The sooner these guides get, the better. It takes a lot of effort to remedy a poor system and financial habits. "said Pallas.

Where is the market?

Marketing is a critical part of any start-up company. An efficient marketing strategy and team can make the company's outcome very different. In marketing, it takes a long time to build a user base. Start-up companies need to prepare for content marketing in advance for 6-9 months. Think about what you finally want to be.

Sometimes there is no concept of starting a market, but in the end, entrepreneurs will eventually create a market.

Hire the right and smart people

Mistakes in hiring employees are common in the entrepreneur process. The common problem is that the start-up companies are not hiring, not too little. "We should have done a lot of key jobs, especially in the area of sales and marketing," he said. To fill these vacancies in the very early days, and to expand the business dimension of the business more quickly. "Pallas said.

Mentor Trap

Mentors play a very important role in the entrepreneur process, and getting a correct mentor can make the process much easier. You go there to get help, not to be teased, to spend a long time talking to your mentor about anything you don't understand. Pallas says it is not worthwhile to come to a conclusion by making a mistake, even if it is necessary. However, there is always a small number of mentors, and you won't get any real help when you get there. Do a thorough review before you formally join a mentor to the board.

In addition to all the lessons learned, startups may make you a generalist. You will end up learning more than you started, if you continue to hone yourself and learn from it. We really want you to share your entrepreneurial experience with us.