When you don’t reach your desired outcome, its not called failure, it’s only failure when you give up.
If you learn quickly, adapt, and implement again from these experiences, they will be very valuable lessons. Its all part of the process.
First common mistake: Stay on Target.
What this means is to clearly communicate your vision to get the buy-in from investors, potential employees, and partners. The key is to be clear about this vision and to focus on it, not to get caught up in the adrenaline, don’t lose the purpose of the business! Clearly defined goals, strategies, and timelines. When something doesn’t work, be willing to adapt, but focus on these keys.
Second Common Mistake: Be Realistic about costs.
This means be wise with your investments, but leave room for extra hidden costs, fees and taxes that you didn’t budget for in the beginning. Add an additional 75 percent or double that amount you think you need! The most successful start-up in the funding budget was way over what industry experts thought it would cost, six months later they turned first profit due to successful business launch they needed.
Third common Mistake: Hire people you need, not like.
Don’t hire family and friends, this is mostly a serious mistake. Hire a core team of experts in that already understand the industry and the risks involved. Find a manager who truly shares your vision and that you can confidently hand over the management to when you carry out the next steps.
Fourth Common Mistake: Know when to step down.
Know when the business is sustainable for you to slowly hand over the control for you to do the next step. Be part of the process, and let the operations be run by the manager. This is key in achieving the most you can and achieving the impact and growth you desire. When you are part of the process, you can step back in when necessary.
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