3 Mistakes All Startup Founders Need to Make
Bill Gates – a name known around the world for innovation and products that have changed the world, once said, “It’s fine to celebrate success but it is more important to heed the lessons of failure.” In the small business realm, this is a concept that needs to be embraced fully understood and used to grow and succeed.
There are more than a few articles out there helping to shield entrepreneurs from mistakes. Learn from others and you can avoid some of the same obstacles. But what about the old adage, “you learn from your mistakes?” The fact is that your mistakes can be the biggest source of knowledge and understanding about you, and your business, than any other source available.
A well-positioned mistake can be worthwhile and some even invaluable.
As a startup founder you will make mistakes. These should not be deterrents, but rather a reason to dig in and work harder. Four mistakes that will likely serve you well down the road are found here.
Get Taken Advantage of or “Worked Over”
This is pretty inevitable. Someone close to your start-up – your investor, employee, co-founder, partner or any other individual – will be working their own angle and essentially get over on you. They will break your trust, may even violate a written or verbal agreement. They may attempt to steal you equity or even destroy your entire business – in some cases, they will do all of the above.
In most cases, startups are an odd mix of people from all different areas thrown in the same place by circumstance. Chances are someone is going to see a different path that will create friction and may result in you being the one on the losing end.
Something to remember when this occurs – it’s not what you did, or didn’t do, you have to learn from the situation. Even if it is clearly not your fault learn from the situation. This will help you be more careful in the future about who you choose to work with.
Once it is “Out there” Everyone will Jump On Board
In “Field of Dreams” the same phrase was heard time and time again – “If you build it, they will come.” This is a phrase that many start-up businesses, as well as investors, bet their entire livelihood on. However, the issue is that just because you create what you believe is the best invention since sliced bread, it does not mean everyone else will see it that way. You have to work hard to make any market notice and care about what you have to offer. While “they” will likely come, you have to be willing to put your blood sweat and tears into the effort.
The key from this mistake is that you cannot believe everything you see in the movies! You have to learn what works and this takes effort… your product or service is not going to magically attract an audience.
Be Over-Confident
Confidence and humility – these are two difficult concepts for the average start-up entrepreneur. Chances are, if you are like most excited individuals diving into the world of business – you are leaning a little too far in one direction. While it is essential you have a healthy dose of confidence, overdoing it can be extremely dangerous, for a number of reasons. It can be misinterpreted as arrogance, which can be damaging in interpersonal situations. It can also morph into false confidence that can cloud your vision. It is essential to have a healthy dose of humility to help you better understand your role in the larger market.
There is no quick fix for this one. It is something you have to realize and deal with. While it can be difficult to see if you are overconfident, chances are those closest to you will be willing to let you know.
While it is a bit cliché, you’re not perfect and neither is your business. Mistakes are going to happen and it is crucial you take notes and learn from these mistakes. In fact, you should embrace them, take some time to analyze them and use them for your own personal development, as well as the development of your start-up company.
