Being in the business of coaching startups, I hear a lot about what entrepreneurs are trying to get off the ground. Some of it works. And some people are really on the right track.
But I also hear A LOT about what doesn’t work. The stuff that holds people back. The stuff that pulls people off track. And the stuff that is, quite frankly, a total waste of time, energy, and money.
I’m all for people being insanely passionate about their products and services and for doing business is a way that “feels right” for them. But I also want you and your business to make it.
And in order for that to happen, there are some mistakes that you need to avoid making.
Here are 5 of the biggest mistakes I see time and time again, and what you should do instead.
mistake #1: letting passion get in the way
Chances are that you wouldn’t be putting so much time and energy into your startup if you weren’t passionate about it, right? And I want you to hold onto that passion, because it’s going to keep you going when the going gets a bit tough.
It’s great that you want to help people. It’s great that you want to tackle the societal and environmental challenges around us. But passion alone is not going to pay the bills. You need to find someone out there who is willing and able to pay you for this. And you need to be able to communicate what you do clearly and concisely so that people GET IT.
avoid this mistake by…
Being really clear about your mission. Explain the problem that you’re trying to solve, the impact that problem currently has on your target market, where you come in, and the result people obtain from your product or service. If you need some help doing this or want to see some specific examples, check out this earlier post.
mistake #2: trying to attract everyone
When so many people could potentially use your product or service, you may feel reluctant to choose just one target market. You feel compelled to be all things to all people. You don’t want to leave anyone behind. And plus, if you cast your net wide then you may get off the ground faster, right?
Wrong!
What happens instead is that your message becomes diluted. It become difficult to make decisions on what business model to go for or what decisions to make because you’re not entirely sure that any of them are ‘right’.
avoid this mistake by…
Starting with just ONE person. Really picture that person in your mind and describe him or her. What challenges is he facing at the moment? How is he feeling about those challenges? What impact is that having on other areas of his life?
When you know the type of person you’re trying to attract, you can start to make decisions based on your ideal customer and be clear about the problems you solve and the positive impact your solution will bring.
mistake #3: blindly creating a product or service
Because we’re all passionate about our ideas, it can be easy to fall into the trap of believing “if I build it, they will come”. Too rarely do I see people take a step back and ask “do people REALLY want this?”. And often I see that people are afraid to find out the answer to that question.
So instead they keep their head down, design and build, and then unleash a finished product or service on the world. It’s AMAZING. Yet no one buys.
Because they created in isolation.
avoid this mistake by…
Speaking to your potential customers. Not your mom. Not your best friend. Not your partner. Take that guy or gal from above and have a conversation with them.
Validate your assumptions and then put together a skeleton of your offering. Test this out. Gather feedback. Make some changes. And then put out your next iteration. This method will allow you to gradually build out your product or service and attract the right customers.
mistake #4: trying to do everything all at once
When you’re starting a business, you’re going to have a million things to do and not enough time to do it in. Your to do list will continue to grow and you’ll inevitably start to find that it’s impossible to stay on top of everything. And so a lot gets left unfinished.
I see entrepreneurs set aside time to get on top of things, but what happens all too frequently is that the time gets spent on things that aren’t important. Time gets spent on the quick things. The easy things. The things that won’t require much thinking or doing. The things that rarely are going to get your business off the ground.
avoid this mistake by…
Prioritising properly. Get your to do list out of your head and onto paper. Then go through each item on your list and determine if it’s really important. Will its outcome lead you towards achieving your business goals? If not, see if you can either delegate it to someone else or defer it to a later time.
When you have really massive tasks on your to do list, break those down into small 20-minute chunks. It’s often easy to find small chunks in your day to get through something and make continuous progress. And it’s a lot less daunting to think about spending just 20 minutes on something than having to set aside 1 or more hours to tackle that task.
mistake #5: taking on too much advice
There is A LOT of business advice out there and everyone you meet is going to have their own opinion to add into the mix. The problem is that the advice you read and hear is never specific to you and your exact situation. Just because someone else has chosen to do something a certain way does not make it the right thing for you or your venture.
Too much advice will quickly pull you off track and cause you to lose focus.
avoid this mistake by…
Using your own judgement. Is this person reputable? What success does he or she have in this area? Can this advice be applied towards your venture in a way that makes sense towards the outcomes you’re hoping to achieve? Is it a tried and tested business strategy?
For every decision that you make in your business, validate it with the people that truly matter – your customers.
over to you
My list could have gone on with some more examples, but I’d love to hear from you instead. What things have you done that you’re starting to feel a bit skeptical about? Leave a comment below to share it with us.
“trying to do everything all at once”- This is the biggest mistake of any startup. They lack experience so they commit this mistake. You gotta avoid this to be successful. Check this new startup, they are doing pretty well being a startup and they have a good idea as well http://www.mallhopp.com
Ready fire aim is my mantra. You learn so much every day it can be exhausting. You need to always remember it is one step at a time etc.
Great article – a big YES to trying to be all things to all people. Creating a specific persona is so important. We speak with so many entrepreneurs and business owners about this, and the struggle is real. All of us have that nagging fear that if we’re too specific, we’ll miss out. It’s awesome when the lightbulb comes on and we realize that the truth is actually the opposite.
Yes, getting people to be specific can be the HARDEST task! I try to remind people that just because you’ve specified a particular target persona, it doesn’t mean that you CAN’T work with anyone else. It just means that those ‘others’ won’t be the focus on your marketing campaigns.
When Entrepreneurs step up into the market, things usually go wrong from their end. In this article, I will identify some most Common Mistakes Made by Entrepreneurs which can help them in the long run.