Common startup mistakes

Raising Startup Capital | Crowdfunding Platform

The life of a startup is leap of faith and a combination of fear and excitement all rolled into one.  The excitement of bringing an idea to life and possibility taking over the world is exhilarating and charting through unknown waters provides just enough fear to keep a startup alert.  While on this journey to world domination one common mistake that most startups make is focusing on too many things at once.  Focusing on too many different markets, too many products and features is another way of trying to please everyone and when you try to please everyone, you end up pleasing no one.  Luckily for any startup in this situation there are two things that can be done to stay on track.

 

1.  Perfect the small

It's common for small businesses want to give the perception of being a large corporation.  Some are still under the impression that acting like a big company equates to success.  This is the furthest thing from the truth and could do more harm than good to your startup.  The days of having more locations and being the biggest business is fading away by the day.  Being a small business has many perks, less overhead, direct contact with your customers and the ability to make a mistake and correct it without the entire world noticing.  The most popular companies that we all use today didn't start yesterday, they flew under the radar for quite some time before you knew about them. Being small helps you figure out exactly what you're doing as a business and work out all the kinks before you go prime time.  

 

2.  Do what you love

If you do not have a passion for what you're doing then chances are you're wasting your time.  Doing what you love begins with the founder(s) and ripples throughout the company like a earthquake shock.  When you do what you love there is no need for a focus group or research to tell you if what you are doing is right or not.  What matters is, is the company providing value and doing it in a fashion that's either different, first or better than it's competition. Part of providing value is creating a business that is easily understood by the customer and solves a specific problem the more niche the better.  For example, you use Visine for your eyes, Asprin for your head and cough drops for your throat.  There's not a product on the market that cures all illnesses. All of these products address a specific issue,  What specific issue is your business addressing?