6 Mistakes Successful Entrepreneurs Committed but you Shouldn’t
Applify’s journey from a startup to UK’s leading app development company hasn’t been easy. We did a lot of careful planning & research, made endless sacrifices, committed some mistakes, and learned throughout.
However, you can’t rely on your mistakes for learning important lessons every single time. Sometimes, even the tiniest mistakes may prove fatal. So, the smartness is in learning from the flaws from other people and ensure that you don’t commit them.
We have come up with the list of such entrepreneurship mistakes that you should be aware of.
- Picking the Wrong Team
Team is the most important part of a company. It defines whether you’re going to be successful or not. So, pick your team wisely.
Don’t choose people as your partners just because they’re your friends or family members. Choose them because they have the caliber to help your business grow. This approach is going to benefit you in long run.
- Not Actually Solving the Problem
Most companies don’t actually solve the problem. They just pretend that they have the solution. If you’re also following this approach, it’s time to reconsider it.
By not offering a genuine solution and operating the company only by reputation can cause problems that are uncalled for. Within minutes your years’ efforts can go wasted.
- Hiring Wrong Employees
There’s a famous quote by famous motivational speaker Brian Tracy:
"As a business owner or manager, you know that hiring the wrong person is the most costly mistake you can make."
By hiring wrong people, you are doing your own loss. Imagine how much time, energy, and resources you’ll be wasting on him/her and get nothing in return. You’ve taken your business to greater heights by wasting similar resources on someone eligible.
So, instead of hiring a misfit, hire someone who’s eligible even if it costs you a few hundred bucks.
- Keeping too Much on your Plate
We all feel excited in early stage of our entrepreneurship journey. New ideas keep flowing in our head and we actually start believing that everything is attainable. In this excitement, we pick too many projects simultaneously. As a result, a situation arrives when it becomes hard to properly concentrate on a single project and hence its quality gets affected.
Now, there’s an important thing you need to learn here. Your success is not measured by the projects you’ve finished in a specified time but by the quality in your work. So, stop believing in entrepreneurship stereotypes and concentrate only on one project at a time.
- Not Maintaining Work-life Balance
Lacking proper work-life balance is one of the key reasons most startups fail.
What you need to know is that healthy work-life balance is important and can hamper the your progress if ignored.
- Going for Fund-raising because everyone else is doing it
You should definitely contact investors for raising funds if you’re lacking money. However, don’t go for this option if your company doesn’t need it. Doing so will only dilute your equity and create an influx of capital.
In simple words, don’t opt for fund-raising just because everyone else is doing so. Do it when you actually need it.
We hope that this list prepared by our app development experts in UK will offer a better insight. Still, if there’s something you want us to add, feel free to mention in comments below.
