A big part of starting a new business is having a plan and also having the discipline to act on it. Starting a new business isn’t always glamorous, and often requires simply devoting yourself to the process. Normally people don’t understand the situation and make mistakes at the start and surely face losses after that. Bryan legend’s unique way of looking at these kinds of rough situations only fuels his hunger and determination to succeed by seeing obstacles as mere hurdles to overcome rather than walls that cannot be crossed. He clearly describes some common mistakes that people do before starting a business and also defines how to avoid this.
Spending too much money and not investing:
As a new entrepreneur, money is likely to be one of the biggest concerns of investors or a business person. Pre-launch investments are likely to be close to nil, so making and saving money will usually take priority over everything else.
There are two mindsets he tends to see among new entrepreneurs.
1: You have to invest back into the business at every opportunity.
2: Spend the bare minimum until you have some decent cash flow.
When you take these mindsets to the extreme level, it can be harmful. Invest your startup cash carefully but don’t be afraid to invest in quality products.
Not thinking about your competition:
The excitement about a new business can often lead new entrepreneurs to think that they really have no competition, or that their product is so head-and-shoulders above those of their competitors that they’re in a category of their own.
But as we know that it’s extremely rare to have no direct competitors in the market. It could happen in one condition if you’ve invented a completely new product. There will be someone in the market who already has shared in your niche or producing the same product. Do your due diligence to find out what these companies are and how you can make something different and grow your business.
Making hiring decisions based on cost:
This is the main point or mistake that most entrepreneurs do while hiring employees for the company or for the business. When funds are tight people mostly reduce the cost of new hires. The problem with this strategy is that you’ll end up paying in the long run. Low-cost employees and workers are usually working on low-cost for a reason. Maybe they are more likely to be inexperienced, unreliable, or unskilled.
No forward planning or setting attainable goals:
Sometimes new entrepreneurs can be so enraptured by their own ideas that they work without a solid plan. But the reality is you must set realistic and attainable goals in order to succeed and grow your business in an appropriate manner.
Not realizing how much marketing impacts results:
If you build to make a proper marketing strategy then surely will have multiple benefits. This is a common belief which is sometimes conscious or sometimes not among new entrepreneurs. They think that their products are so amazing that they can just rely on free PR and word of mouth. But in reality, the vast majority of startups will need to invest a healthy amount in marketing strategies. This may include SEO, content marketing, PR and paid advertising, etc.