What is Startup Blunders
There has been a lot of digital ink spilled attempting to warn new business owners about making mistakes. If you Google “mistakes entrepreneurs to make,” you’ll find thousands of articles warning you of the most common hazards and faults that stand between you and the success of your firm.
On the other hand, hold on a second. “We learn from our mistakes,” you’ve heard it so many times. We’ve made our fair share of Startup blunders as business owners and investors, and if our past is any indication, we’ve learned far more from our failures than our achievements.
Isn’t that why you’re trying so hard to avoid them? Call us crazy, but we think that mistakes may be a good thing, and even a good thing if they’re well-timed and strategically placed.
So, as a start-up founder, here are some mistakes you SHOULD do. Errors are unavoidable in any business. Entrepreneurs should make mistakes as soon as feasible in order to learn as much as possible from them.
Five Startup Blunders That Every Founder Should Make
1. Get Condemned
Obviously. Your partner, co-founder, employee, investor, or another character will mess you up. Someone will violate a verbal or written agreement, decrease your pay, take your stock, or destroy your firm. Someone will ruin your strategy. Accept what’s coming, brace yourself, and pray it doesn’t hurt too much. A start-up is an odd mix of people (idea people, tech people, investors, etc.) in pursuit of a changing target.
2. In search of Retribution
This is a related error. Bitten, you may want to bite back. You’ve lost something tangible, emotional, future upside, or all of the above, and you want to deny the perpetrator those same things or at least the satisfaction of causing you that loss. You’re wrong, so you’re wrong back. Try it! We predict you won’t be successful, and nothing will happen or bounce back for you. If you were scammed, you probably lack the leverage, authority, or ability to exact significant payback.
3. Inform people that your venture is in "Stealth Mode"
Keeping your cards close is normal. Maybe you’re frightened someone will steal your concept or lack confidence in your ability to explain it. “Stealth Mode” makes you sound more like a covert spy than an insecure newbie. “Stealth Mode” is a mistake for numerous reasons. First, it can be misconstrued as pomposity or insecurity, hurting your credibility. You’re also signalling that you don’t trust that individual, creating a negative emotion that may linger after you elaborate.
4. Belief in the adage, "If You Build It, They Will Come"
“Field of Dreams” implanted the phrase “If you build it, they will come” into common language and numerous company entrepreneurs’ thoughts. The prevalence of the phrase (and its validation in the movie, when Costner constructs “it” and “they” come) leads some founders to believe, and predict to investors, that they need only develop their fantastic new stuff, and the users will come running till the rest looks like a hockey stick. Unlike ghostly baseball players in Hollywood movies, if you create “it,” “they” won’t arrive. In start-up theory, “they” coming is called “Market Pull,” which rarely happens by itself, even among early adopters.
5. "One of our favourite Startup blunder"
Insufficient humility is our favourite founder mistake. As you steer your rocket ship ahead, you may lean too far to one side or the other. Start-up founders need self-confidence. Your answer must be The Next Big Thing. For several reasons, overconfidence is dangerous. It might be misconstrued as arrogance, hurting relationships. False confidence can impair your view or analysis. A great creator must also have humility, knowing his or her place in the world.
Entrepreneurs are keen to convince us that they (and their businesses) are fantastic. That’s terrific. But we do not want entrepreneurs to embellish their histories. We anticipate and want people to describe their errors and failures. We want to know what they’ve learned (as well as the fact that they’ve already made those mistakes on someone else’s dime, not ours). A successful entrepreneur wants to discuss their failures in addition to their accomplishments, and a smart investor wants to hear about these failures and the lessons they taught them without punishing the pitch.
Although it’s a cliche, nobody is flawless. You’re not perfect. Mistakes will occur, and you will make your fair share of them. Expect them, accept them, and study them, since your mistakes and the lessons you acquire from them will serve as crucial, long-lasting building bricks for your personal development and your company’s growth.
Therefore, get out there, make some errors, and learn from them… Also win.