Opening a business is a dream of many people, but getting the idea out of the paper is not an easy task. Just like any other activity in life, it is common to make some mistakes when starting something new. Entrepreneurship is a great challenge that requires determination, knowledge of the market and dedication. We know that practice is very different from theory, right? With some tips it is possible to reduce some common difficulties for those who decide to open their own business. Learn the mistakes of entrepreneurs that you should not make, below.
Main mistakes of beginning entrepreneurs
- 1st MISTAKE: LAUNCHING YOUR PRODUCT / SERVICE ON THE MARKET ONLY WHEN YOU BELIEVE IT IS PERFECT
- 2nd ERROR: DO NOT DIVIDE YOUR IDEAS WITH OTHER PEOPLE
- 3rd ERROR: DO NOT TEST
- 4th MISTAKE: NOT LISTENING TO YOUR TEAM
- 5th ERROR: NOT FOCUSING
- 6th ERROR: DON’T HAVE A BUSINESS PLAN
- 7th ERROR: IGNORING COMPETITION
- 8th ERROR: DO NOT STRUCTURE PROCEDURES
- 9th ERROR: CONFUSE CASH FLOW
- 10th ERROR: CHIEF PÃO DURO
- 11th ERROR: DO NOT USE FREE SERVICES
- 12th ERROR: UNDERESTIMATE THE MARKETING COST
- 13th ERROR: DO NOT STRUCTURE SELECTIVE PROCESSES
- 14th ERROR: FALLING IN SNAKE LOVERS
- 15th ERROR: COMPARING TOO MUCH WITH OTHER PEOPLE
- 16th ERROR: DISCOVERING WHEN YOU RECEIVE NO
- 17th ERROR: CONFUSING PROFIT WITH VALUE
- 18th ERROR: SLEEPING TOO MUCH
- 19th ERROR: DO NOT ADMIT ERRORS
- THEN, WHEN SHOULD I LAUNCH MY PRODUCT / SERVICE?
ERROR 1: LAUNCHING YOUR PRODUCT / SERVICE ON THE MARKET ONLY WHEN YOU BELIEVE IT IS PERFECT
Reid Hoffman, Co-Founder of Linkedin , has a very famous phrase in the world of entrepreneurship. ‘”If you are not in any way embarrassed by the first version of your product, then you launched it too late’ ‘.
This is because when we have an initial idea, we wait for the right moment to be able to launch. During this period, several changes can occur.
You are unable to understand your scenario because it took too long to launch it, and with that, if there is a need to make changes, it may be too late.
This can increase the possibility of your risks being greater, since you probably invested a lot in this launch and made changes without realizing the best scenario for your business.
ENTREPRENEURS MISTAKES # 2: DO NOT DIVIDE YOUR IDEAS WITH OTHER PEOPLE
Not sharing your ideas with others for fear that they will steal is a problem. Of course, you must share it with someone you trust.
Possibly, sharing ideas and talking with different people, can make your conception broaden. Certainly, you will better understand the market in which you will operate.
In fact, in this exchange of information, new ideas may arise that can help in the development of your business. Constructive criticism is always welcome.
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ERROR 3: Do not test
Undoubtedly, your initial idea is not the best version of your business and it will undergo changes. In this case, the initial test should be done as soon as possible.
Thus, when the business model of your company is defined, the concept test – essential for its entry into the market – must soon be done.
In addition, your business needs to be able to undergo changes according to the demand of customers and suppliers.
In Digital Marketing , many tests are used because the audience and the consumption style can vary. Known as the A / B test, it divides traffic from a given page or campaign / ad into two versions: the current one and a version with modifications.
Then, it will be checked which of the two versions had the highest conversion rate. That is, testing is crucial for your business, since it will be possible to have a better direction from it.
MISTAKE 4: NOT LISTENING TO YOUR TEAM
Undoubtedly, listening to your employees is one of the necessary skills for a good leader. Therefore, the growth of your business depends on how engaged and productive your team is.
For this reason, listening to everyone’s pain and suggestions is paramount. This participation gives a feeling of belonging to the company and the good results and achievements also come from the team.
In addition, this freedom and exchange of information greatly accelerates the company’s processes, as it is thus possible to have knowledge of everything that is happening and what can be improved.
Therefore, different points of view are essential for the growth of the business.
ENTREPRENEURS MISTAKES # 5: NOT FOCUSING
Focus is one of the essential words in an entrepreneur’s dictionary. The desire to do everything at once can do with what your business is at risk.
Make a plan and create goals to be achieved. Each positive result increases confidence and confidence in what is worth focusing on.
MISTAKE 6: DO NOT HAVE A BUSINESS PLAN
The business plan is a management tool that allows you to anticipate the problems and mistakes of beginning entrepreneurs, in addition to having more security when making decisions.
With a clearer view, the margin of error along the journey decreases dramatically. Keep in mind how you will solve the customer’s pain and what will be your competitive advantages.
Also, identify your audience, contact suppliers and understand the risks that your business may suffer. Plan billing and cost expectations and set deadlines.
Define where you want to be in 3 months and in a year. What are your goals and what do you need to do to be able to achieve them?
With a defined business plan, you know what must be done to achieve your goals and where to analyze the results.
If they are positive, then did it live up to your expectations? All of this information is essential for controlling your business.
ERROR 7: IGNORING COMPETITION
In fact, it is not possible to have a business and simply ignore your competition. Therefore, it is essential to monitor your market and always be aware of our possibilities and possible competitors.
Looking at your competitor contributes to the evolution of your business, as it is possible to identify your strategies and the development of the market is not just centered on the company.
However, this does not mean that you need to follow exactly the footsteps of the competition. Observing your competitors in a healthy way includes using your knowledge to make smart decisions for your market.
However, this observation will leave you forewarned with the steps taken by the competition.
ERROR 8: DO NOT STRUCTURE PROCEDURES
Understand that it is very important that your company has clear and defined processes, that is, defining who is responsible for each action in your company is essential.
As well as a structure company, its operational flow must also be. Thus, it becomes easier and clearer in which people each employee must address and solve problems.
At the beginning, one of the mistakes of entrepreneurs is asking a person to perform two or more functions due to the small number of employees, but as the business progresses, it is important that each one knows their role within the organization and is able to respect the flow of progress.
Remembering: it is not because each has its function that one should not listen to the other. The exchange of information is essential for the progress of the company.
ENTREPRENEURS ‘MISTAKES No. 9: CONFUSE CASH FLOW
Certainly, the lack of control of the Cash Flow can decree bankruptcy to your business. This is because many people confuse their documents with those of the company.
In addition to violating the Entity Principle that determines the separation of individual and corporate assets, you can compromise your finances.
For this reason, it is necessary to launch all the movement that occurs within the company. Everything that comes in and everything that comes out. Identifying the best supplier that meets your needs, but also provides better payment terms is essential.
ERROR 10: CHIEF HARD BREAD
Necessarily, you need to offer basic working conditions for your employees. Everyone should feel comfortable in the workplace and the materials used by them as well.
Make sure that teams have goals with set bonuses to always be encouraged because being a tough guy is one of the biggest mistakes of entrepreneurs.
In addition to that, it is important to have dates and events that work as a ritual. Here at Upperbag , for example, we have Friday with an ice cream open.
ERROR 11: DO NOT USE FREE SERVICES
There are many tools for small businesses that are inexpensive and can make a big difference in your operation.
The tools that automate the triggering of email marketing can be a good alternative to strengthen your digital marketing, for example.
Tools that analyze your website to check how fast it is on the internet, chat developers who can automate your social media, among others.
These services are extremely important for companies in the MVP phase (testing period) to test their concept more efficiently.
Definitely, automating processes can streamline tasks that you would have to dedicate an employee to exclusively for that role.
ERROR 12: UNDERESTIMATE THE COST OF MARKETING AND DIGITAL MARKETING
In the market, it is called CPA (Cost of Customer Acquisition) , that is, cost to keep a person shopping in your store, but it is common for many entrepreneurs to underestimate this cost because they think they have a unique and efficient solution.
With technology today, it has never been easier to publicize your products. We can buy different products from other companies, but purchases that take place due to active customer demand are different.
When the toothpaste runs out, a person needs to go to the pharmacy to buy it, so it is a matter of basic need.
For products / services that are not as essential, as our segment, it is different. The person needs clothes , but in theory, she already has clothes at home. The need exists but it is neither urgent nor exact.
Many products and services must be advertised on social media and Google. Therefore, being attentive to social media is very important.
You don’t need the best Marketing agency, but you will need to understand how the basic mechanism of Digital Marketing works.
ENTREPRENEURS ‘ERRORS Nº 13: DO NOT STRUCTURE SELECTIVE PROCESSES
Really, at the beginning of the company you do everything, but if all goes well, soon there will be 3, 5, 10, 20 and many more people and more activities.
Who will be doing what? Therefore, it is necessary to organize the person responsible for each area within the company.
So, you need to define the conditions for a good professional and what specific skills – especially because the most important thing is to have a diploma and be able to apply.
The least expected is that the person will be able to structure reasoning, solve proposed problems, have basic notions of professionalism and common sense to send an email or structure a document.
MISTAKE 14: FALLING INTO SNAKE LOVERS
You start the big dream with a lot of energy, then you see that your reality is difficult. At this moment, several consultants appear who say they solve their problems of Digital Marketing, Design, products, finance, public relations and other areas.
In desperation, you hire various services that you didn’t need and spend the money you already had.
So stay focused and before making any important decisions, look for a quote on the market, talk to other people and have different perspectives. In that case, more grounded and safer, make a decision.
MISTAKE 15: COMPARING TOO MUCH WITH OTHER PEOPLE
Each person is a unique being, with unique skills, interests, stories and ideas. Comparing yourself to a third party in different situations won’t do you any good.
Have people as inspiration to define your goals, but they should serve as inspiration and not comparison.
ERROR 16: DISCOVERING WHEN YOU RECEIVE NO
You will probably hear a lot of no at the beginning of your journey because many people will not believe your business model.
One should not be discouraged by the ‘no’, but persist and move on!
ENTREPRENEURS ‘ERRORS Nº 17: CONFUSING PROFIT WITH VALUE
The search for profit or value drives different decisions and mindsets of company leaders. As much as they are factors that do not depart, they keep a very different mentality.
Today, most of the gigantic companies that dominate the market, such as Uber , Spotify , Nubank , have never made a profit.
In fact, in the United States, about 80% of companies open their shares for sale on the stock exchange, the so-called IPO are at a loss.
Strange to think who finances billions of dollars of loss, like Uber. The fact is, these companies don’t care about profit.
They seek to inflate their value, which is defined by several criteria, such as the size of the market in which they operate, competition, efficiency and customer acceptance.
So, for several companies it makes sense to increase their service exponentially to expand their domination in a certain segment.
In the end, it is a matter of how much you seek to risk in your business and how long you are willing to wait.
ERROR 18: SLEEPING TOO MUCH
Did you choose to undertake? Your pillow will miss you! Important decisions will always be made by you, so there is no holiday or end of the year.
Know that it will always be necessary to answer any pending issues. Suppliers of all kinds will give you headaches and your team depends on you.
Find your balance, practice physical activity and cultivate love, but dedicate at least 60 hours a week to your work.
ERROR 19: NOT ADMITING ENTREPRENEURS ‘ERRORS
The mistakes of start-up entrepreneurs will be many. What will differentiate you from being successful is learning from these mistakes of entrepreneurs.
Therefore, it is necessary to recognize the failure and have the availability to resolve everything in the best possible way. It is not easy, many businesses are created and closed each year.
Always try to understand when you made a mistake or a member of your team made a mistake and what should be corrected.
Do not condemn an employee’s mistake because it can encourage other members to hide any mistakes they have made.
The most important thing is to allow and encourage your team to learn from mistakes. Just like you, who, even at the head of the business, can also make mistakes of beginning entrepreneurs.
There is no formula for saying whether a business is going to go right or wrong, but there are stories that can serve as a learning and lesson for future entrepreneurs.
Persistence and dedication are essential for your business to grow. Today, many companies offer services that were asked 5 or 6 years ago, many would say it would not work.
For example, we have music apps that charge fees to provide free access to your platform, even though the internet offers options to listen to music for free.
This did not hinder the growth of these apps, so much so that even free music players adapted to the model created by them.
THEN, WHEN SHOULD I LAUNCH MY PRODUCT / SERVICE?
The biggest mistake of entrepreneurs is to launch on the market only when they believe that their product / service is perfect.
Therefore, launching your idea is a way to test in practice whether it is on the right track or not. Opening a business of your own requires dedication and boldness.
You will hear some no and the initial idea will probably change. If you don’t test soon, it may be too late and even a competitor may appear.