Knowing that you’re fully prepared is a smart way to feel better and more in control of yourself and your startup

There are few things scarier than launching your own business. The leap of faith that it takes to quit a full-time job and start something of your own – something that is basically a reflection of you and your abilities – requires founders to put their vulnerabilities on display and smile while they’re at it.

Entrepreneurs nurture their startups like it’s their own baby. However, this degree of emotional attachment that founders often have for their pet projects can often blind them to certain rookie mistakes and near-obvious blunders. Don’t let your startup be another casualty that falls by the wayside. Watch out for these warning signs.

1. Waiting for perfection

In the memorable words of LinkedIn founder Reid Hoffman, “If you’re not embarrassed by the first version of your product, you’ve launched too late”.

Too many founders waste precious time in trying to design the perfect product, to test it just one more time, to add finesse and remove just one more kink from the product before they take it to market.

Big mistake.

Don’t ever lose your first mover advantage at the altar of over-cautiousness. You’ll live to regret it.

Sometimes “good enough” is better than “perfect” if it means you save huge amounts of time and resources in the bargain. Once you launch your product or business, you have enough time to fine tune your processes and bring them up to your exacting standards. In these fast paced times, business needs, customer requirements, and competitive advantages can change rapidly. Take a leaf from the Agile philosophy of software development and work on shipping your product out the door quickly and efficiently. Improvements and bells and whistles can be added with time.

2. Going solo – for everything

You’ve probably heard the aphorism, “Two heads are better than one”. Today we can firmly say that’s no old wives’ tale. Science has proven that thinking is best done with another person around to “argue” with or to bounce off ideas with. Some of the greatest minds of our times – from Warren Buffet to Albert Einstein – had “thinking partners”. If a thinking partner helped Einstein figure out the theory of relativity, having a co-founder or a team of founders can’t be such a bad thing for you, right?

While going it alone does have some advantages like quicker decision making, more freedom to pursue your ideas, etc. a partner or a founding team bring with it stability, fresh perspectives, financial support, and most importantly, another shoulder to lean on in tough times.

Here are some interesting tips on the qualities to look for in a co-founder.

It’s not just a co-founder that helps startups do better. Delegating technical roles to specialists, instead of taking it all on your own head, is more efficient and productive in the long run.

Also read: Some things to consider when finding your cofounders

3. Underestimating the power of learning and mentorship

As individuals we never stop learning – be it learning small life skills or something more structured like a new language or a formal educational degree.

Startup founders need to have their learning caps on, more than the average Joe, as they need to be one step ahead of competition and external factors at all times. There are many ways to keep the channels of learning open even while running a busy startup. Taking part-time courses at a Community College in an area related to your business is a great way to keep those grey cells ticking. Don’t have the time for a full-fledged course in a college? Consider online learning courses instead that let you study at your own pace. This way, not only would you have the benefit of learning a new skill, you could do it from the comfort of your home or office.

Another much overlooked way to keep sharp and get professional advice you respect is by approaching a mentor. Business mentors can be individuals you know and look up to for their professional knowledge or organizations set up solely for the purpose of guiding startup founders like you. These latter ones like Y-Combinator are called business incubators and can offer startup founders everything from funding to sound advice, support, to even shared office space, thanks to the vast experience they have in the area of startups.

4. Focusing on revenue and not on the bottom line

While on the topic of startup funding, we see too many startups play up their revenue potential and try to bag millions of dollars in funding based solely on predicted revenues for their startup idea. The trouble with this approach is that it’s about a decade too late.

Also read: Why we choose profit

In the glory days of VC funding, venture capitalists, angel investors, startup funds and the like took potential founders at their word and invested millions in businesses that never ever turned a dime of profit. Today, in our post- Great Recession times, VCs and other funding sources have smartened up. Nobody loosens their purse strings anymore for a pipe dream of 7-digit revenue figures. VCs, banks and most other sources of startup funds now want to know if your idea will ever be profitable and only then will they take the leap of faith and invest in your idea.

Don’t need new funding? Do it for your own sake then. Instead of blindly chasing revenue growth, pause think and switch gears to maximize profits and customer growth as well. Not only will it stabilize your business, it will lay the foundation for new directions you may want to take the business in.

5. Putting sales over marketing

Yes, Sales brings in the daily bread. But typically, Marketing is the reason Sales is able to do what it does. Founder after founder makes this mistake of considering marketing or branding as frivolous activities or a waste of time.

Truth is, as a startup, not too many people are aware of our company yet. Marketing gives a face and a voice to your company and presents it in an appealing manner in front of the customer. Without a clear brand image and defining the value you bring to the table, selling your product of service can be a tough job indeed.

I like this ready list of 26 marketing ideas that a startup can be used in any startup regardless of size or age. To truly gain from it, look at marketing as an investment, not a necessity or waste of resources.

Wrapping up

Starting a new venture can be scary at the best of times. Knowing that you’re fully prepared is a smart way to feel better and more in control of yourself and your startup. Keep an eye out for these five blunders and prevent them from holding your startup back from reaching the heights of success you truly deserve!

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