Starting a business is never easy. Studies have shown a worrying number: 9 out of 10 startups fail. And 2 out of 10 entrepreneurs close their operation within the first year.
On the other hand, 82% of the successful business owners admit that they have the right qualification or some sort of relevant experience to back up their business decision even with limited funding.
There is an inevitable connection between failure and learning. And often, successful owners learn these hard facts from their first venture or first failure. It might be reassuring to think that one day you will succeed. But is failure is ever pleasant? Lucky for you, we have compiled 5 mistakes first time owner make so that you can avoid making them!
1. No market need
About 42% of startups fail because of no market need. First-time entrepreneurs often emphasize a lot on small details but not on the question that should come first. Do the customers want it? In today’s world, unless you are coming up with a cutting-edge product, it is not the wisest to not do your market research and find out if there is a market for your product or service.
2. Choosing the wrong co-founder,
An entrepreneur defines how their business is going to be, so does the co-founder. Choosing the wrong co-founder can be a dealbreaker for your business. But we got you! We compiled Ways To Find a Technical Co-founder!
3. Hiring the wrong people
As a novice business owner, you might think that the more people you hire the better it is. Knowing how many people you need and what expertise do they need to have is crucial. Hiring the wrong people or more people than you need can drain a lot out of your business; costs, misunderstanding, and others.
4. Not Using Analytics
Analytics is the systematic analyzation of data through a computer. It will tell you a lot about your business than you would understand from the surface level. Technology is aiding a better understanding of the business world with each passing day. Avail this opportunity for your business and see its wonders for yourself!
For today’s dynamic startup ecosystem, change is the only constant. One golden example is of Twitter.com, which was previously Odeo, a business focused on podcasts. The entrepreneurs realized that their business is no longer as profitable and so they pivoted and came up with Twitter which is one the biggest and most successful companies of our time. When the need arises, founders must let go of their previous ideas and think of ways to survive and profit.
Some common mistakes are easily avoidable. Businesses, like any other topic, are worth studying. When you do start learning new things about your business, you open up new avenues for yourself. Claim your spot in our Bootcamp waitlist today and unlock your future success!