You’ve done the homework. You are beyond suitably competent and you’re ready to take your idea to the next level and get your startup into action. We definitely don’t want to rain on your parade, we need more successful entrepreneurs now more than ever but as you climb the ladder of success. Here are the top 5 hidden dangers that usually manifest when it’s too late and that send far too many startups to the elephant graveyard.
This is a common mistake that many new start-up entrepreneurs make. Yes, we all agree that hiring on attitude and training on skill is the new way up for many hirers, both in small business and in “corporate” but this isn’t something that you have the luxury to do when you’re just starting.
You’ve worked a long time on turning your side-hustle into a fully-fledged business. We love that you’re taking your side-hustle seriously and there is every reason to plan for success and part of that is knowing when it’s time to be a “boss” – and when you can take it a little easier.
There is every indication that removing traditional barriers in terms of hierarchy is yielding many positive and productive results. But that’s for when you can delegate functions to your assistants. When you’re starting up, you must instill a sense of appropriate hierarchy into your teams, from the word go.
The reason that this is important, is because you have to be able to rely on teammates following instructions to the letter when things go wrong – and they will. In those moments, your teams have to trust what you’re saying or doing without compromise. It is your business after all and you have to stand by your decisions, right or wrong.
At the beginning of your start-up, there is bound to be a lot of excitement and interest in what it is you’re offering. At least there should be if you’ve handled your marketing correctly and this often leads to an upswing in demand. But then something starts happening that strikes fear in the hearts of all business owners. The shine becomes less shiny and this means that clients stop answering emails or campaign “calls to action” and this means that customer apathy has set in. If you don’t get on top of this quickly, it can lead to a decline in momentum and no one want’s that. Keep these awesome bits of advice on hand, from the very beginning.
There are still far too many new businesses that don’t make the cut 5 years in, and all because they didn’t pay due diligence to the administration side of running a business. Your internal processes are as important as anything else so you must get on top of things like H.R. policies, risk management solutions, and auditors (for this, have a look at Sentinel Safety Solutions). These types of services can often seem costly and unnecessary but the alternative is far, far worse than a seemingly large invoice.
Starting up is one thing. The buzz of a new venture all of the attention and initial growth spurt. All of it is incredibly intoxicating – but then, real life happens. So many startups fail simply because there wasn’t a follow-through vision. Or if there was one, it wasn’t appropriately communicated to all stakeholders and for something relatively simple to achieve and implement.