Starting a new business venture can be a hell of a ride! In the excitement and enthusiasm of getting everything up and going, start up business often make some basic mistakes in business. Here are the Top 5 Common Start Up Mistakes to Avoid.
Top 5 Common Start Up Mistakes to Avoid
- They focus on a product that they want and know about, rather than one that potential customers want.
- They neglect to speak to potential customers or users.
- They have no idea whether there is a market big enough to support their product.
- They have no grasp of marketing or sales, and their concerns about secrecy keep them from seeking expert advice.
- They do not validate any of their key assumptions in the market.
I thought this list was very interesting when I came across it the other day. It is easy to convince yourself that what you have developed is what customers are surely going to want. It is also easy to see people as potential threats to your exclusivity when they are really just trying to assist.
These are not necessarily fatal mistakes and they could still be a part of your business even if you are approaching maturity.
Can you see any of these in your empire?
Did you know that more than 50% of small businesses fail in their first 4 years?
For more Start Up statistics check out this article.