Starting a start-up might seem easy but actually it is a tough little job to establish a start-up. Business owners must be very careful while starting a new business because there are innumerable pitfalls that have to be handled carefully. It is very important to know what are the barriers that could appear on your way in making a successful start-up.
Pitfall 1: Pace of Moving
When you are starting off with a start-up, make sure that you do not move too fast. It is the human tendency that when you hear “start-up” you tend to jump off thinking that you would be a Zuckerberg someday. But it is not so easy a task to be one, one has to put in a lot of effort and hard work if you want to do something great. It is not a matter of just a day, it will take time to be what you are aiming at. One has to be careful while taking their organization to a new level so the decision that you make or the steps you take regarding business must be very thoughtful and time taking. The pace of moving must be careful and time taking, do not jump into conclusion all of a sudden that may be harmful for your organization.
Pitfall 2: Investors Being More
It is not very appreciating to get too many investors right at the beginning of the business. Paying back loans is always painful for the company owners. So, you must try not to run in debts. This is the most crucial time, one must know that during this time the more you do for yourself, the more helpful will it be if you try to establish yourself without any debt. But that does not mean that you will not require investors at all. Investors are essential to stand in the market. That also gives some authority to your business, when people get to know what kind of investors are associated with you.
Pitfall 3: Go with the Flow
Although this is a contradiction to our first pointer this is equally harmful because if you are not moving fast to spoil your business then also avoid moving slow. Moving extremely slow can always spoil the strength of the business. One must maintain a pace at which the company must be run. Start-ups must work more with a required speed which is neither too fast nor too slow, which does not affect your business growth. As a start-up, one must focus more on setting up networking and doing advertisements. It is very important to expand the organization first and then do investments.
Pitfall 4: Being the Master of All
It is definitely great to know all the sectors of your business but that does not mean that you yourself will handle all the sectors. Hire the least number of required employees so that everyone can handle at least one work of the business. Gradually you will have to start hiring one candidate for each of the team and grow your company. Hiring all at once is also a problem for the organization from revenue point of view.
Pitfall 5: Loans
It is not recommended but in 99% cases the business owner has to take a loan, but it is not a must, do not just go out and get any loan just because you are starting a new business. Keep in mind that you will have to pay back the loan with interest later on. So, it is better not to get loan. Try to set off with the initial money that you already have as a capital. The capital money must be enough to start with and later on, you can gradually make more investments with the profits of the initial days.
Pitfall 6: Mentoring
Try not to go without mentor or advice, sit for frequent meetings talk with everyone and try to develop ideas that would help your start-up get a kick start. If all the teams are busy with their work then you make a point that you monitor all the teams and try to bring out the faults. It is very important to identify the errors or drawbacks in your company then gradually change the problem that is happening. Get the required solution to the kind of problem that is coming up as a barrier to the work. If you fail to identify the issues then you can also take expert advice and suggestions about your site.
Pitfall 7: Personal Vs Professional
Try not to use personal contacts for professional purposes. Try to keep everything professional. Seek expert advice and the help of experts to do well professional life. Personal contacts might be spoiled if you try to utilize them for professional purposes.
As a beginner, you must be aware of all the issues that are happening in your start-up and must follow the above-mentioned pointer. You must not fall into any of these pitfalls, they can cause a huge loss to your company.