If you’re thinking about starting your own company, you’re probably asking yourself a million questions and wondering what direction to take into the future. Before investing your money in a startup business, think about some of the things you should plan and prepare for. One of the best ways to do this is to look back at past mistakes so you can avoid making them yourself. With that said, here are five things you should avoid doing when establishing your startup.
Running With an Unoriginal Idea
Many new startup companies that enter the market are imitations of others that already exist. If you examine the history of successful startup companies, you’ll notice that very few of them imitated another startup. Essentially, when you’re thinking about starting your own company, you want to do that isn’t already being done in the industry you want to join.
When thinking about an idea, consider how your company can go about solving other companies’ problems. Also, think about what people often complain about and what they wish was available to them. If you can offer something that isn’t already there, people will want to use it.
Being the Only Founder
If you keep those pages open and continue reading about the history of other successful startup companies, you’ll also notice that very few of them only had one single founder. To outsiders, it looks like no one else was interested in starting the company with you, which means that what you’re offering probably isn’t too interesting or intriguing.
Perhaps you can argue that the people you pitched your idea to just weren’t ready to join you in your quest to start a new company. Even so, starting a new company is too hard for one person. Even if you could manage to do all the work yourself, you would still need others to brainstorm with you, talk you out of making bad decisions, and cheer you up when things don’t go right.
Choosing a Bad Location
Startup companies succeed in some places while failing in others; it’s the nature of the beast. Silicon Valley is the most popular location for new startups, with Boston, Seattle, Austin, Denver, and New York following behind. Once you move outside of those cities, the room for opportunity slowly starts to decrease.
The reason why startups succeed in these locations is because that’s where industry experts are, people are more sympathetic to what you’re creating, and it’s where the kind of people you’d want to hire live. If you want to start a company, pick a place where it’ll flourish. It doesn’t necessarily have to be in one of the cities listed, but it should definitely be somewhere where your company thrives.
Being Too Stubborn to Adjust
In some industries –- if you want to succeed -– it’s important that you have a vision and follow it, no matter what obstacles you come across. However, sticking to your vision and following it only works for things like winning a gold medal, where the problem you’re facing is well-defined. Starting a new company is more of a science, where you need to follow the path wherever it takes you.
Remember to not get too attached to your initial plan, being that it’s probably wrong and you’ll need to adjust. Most new companies that succeed end up making drastic changes along the way, making them so different that it doesn’t even seem like it’s the same company. If a new idea comes along and it’s better, have the strength to get rid of the old one — no matter how attached you are to it.
Giving a Half-Hearted Effort
The new companies that fail miserably aren’t usually the ones that made mistakes; they’re the ones that didn’t do much of anything to begin with. Statistically, if you want to succeed and avoid failure, it would seem like the thing to do would be the quit your day job. Most founders of startups that fail don’t quit their day job, while most founders of the successful ones do.
While quitting your day job may not be the answer, investing more of your time and energy into your new company is key if you want others to take notice. If you’re looking to move to the next level by increasing your workers’ productivity, try using iDatix workflow software to help you organize everything. After all, seeking solutions is better than not doing anything at all.
Are you starting your own company? What are you taking into account? Leave a comment below and let us know what you think!
Mark Snyder is a prolific freelance writer who has published articles covering most all niches. Aside from writing, which is his chief passion, he also loves football and playing out in the park with his two kids.