Launching a startup is an exhilarating, time consuming, and liberating venture. But there isn’t really a foolproof “How To” guide for ensuring your startup will be successful. However, with the help of great mentors, steady funding, a hardworking team, and diligent marketing, many startups can pace themselves on a steady track to success. Here are some mistakes to avoid when launching your startup so you don’t sway too far away from your goals.
Not Laying Down a Clear Foundation
Every startup needs a mission or overall goal to lay down the foundation of their business model. Failing to cultivate an easy to follow mission will not only be confusing for your team but also for your customer base. So nail down what your startup is setting out to do, why it’s trying to accomplish that goal, and how it will be successful in obtaining that goal.
Expanding too Quickly
After startups get funded, there is an immediate urge to start hiring a large team and expand focus. Don’t fall into this trap because it rarely ends well. Scaling your startup is a process and one that takes much thought and attention to detail. Hire smart not fast. You’ll be amazed that the right employee can accomplish much more (and cost a lot less) than a few so/so or average employees.
Culture Fit is the Right Fit
When startups are hiring they need to emphasize work culture to their employees. We are all different and have various thresholds of what we can handle within the workplace. So don’t be shy when hiring. It is important to ensure your candidates will thrive at your startup. You want the mission of your startup to ring true within every member of your team, because your team is your startup, so make sure everyone is on the same page with culture expectations and goals.
Startups move fast, so keeping an eye on all the moving puzzle pieces can be very challenging. Take time formulating your mission, expanding your goals, and hiring the right team. All three of these components play a significant role in your startup’s overall success.
Derek Rundell, is a successful business leader, operator, and serial entrepreneur. Derek has founded, managed and sold businesses in the technology, media and finance industries. He sits on several boards and serves as an advisor/investor to numerous established businesses and startups. Startups are Derek’s real passion, and in addition to building his own portfolio of technology, media and financial ventures, he invests in and mentors startups and entrepreneurs. He is passionate about sharing his knowledge and helping other businesses succeed.