If you're into start ups, you must know that it is a business for a person with great conviction, perseverance, and clairvoyance. Such qualities may or may not come in one person, and may even come as a package of four people in a team. Here are some mistakes you can avoid learning from, making best use of the experience of those wiser than your team-
Not having a solid standing in terms of the product idea and it's market evaluation.
You will lose the game in the very beginning before the investors if you fail to convince them to invest in your idea. One sure shot way of doing this is by not being convinced yourself. Did you plunge into the start up business without any planning? If yes, get a solid understanding of the need of your product, how your product fulfils that need, what is its target market, and the practical means of controlling and growing that market in future.
You don't seem trustworthy
A team is a team only if every member relies with trust on the skills of the other. The potential investor can gauge how much of a team you are. Also, he can predict whether you're talking in vapid terms, or actually have substance. If you're confident, have a great team, a great idea, but seem cocky, or seem to be pursuing entrepreneurship for the wrong reasons, you might lose out on a great opportunity.
You will seem incompetent if you are underprepared, or lack a competent team with the right skills, or have everything in order but are not ready to accept change and constructive criticism. Going in, you must have the right attitude along with the right resources.
You're one of many
Is your idea unique? Is it an improvement of an already existing product? If it is neither of the two, you're wasting your own time along with many others'. The one mistake you can make is diving in entrepreneurship after looking at your idea through a rosy glass. Take a pragmatic view of things to get going on the right path.
Everything's great, but expensive
Sometimes your only fault is timing. Perhaps, your idea would be economically viable a decade down the line, but is not a profitable investment right now. The only factor that can outweigh this is if your product is one of urgent need, or solves a big world problem. Else, it can be shelved.
Getting bogged down easily
No field is easy to work in, especially in a culture of start ups. Every day brings with a new share of challenges, and you cannot shy away. Failures are considered an asset, only if you can make them one by learning from them and applying your lessons the next time a window of opportunity is opened to you!
You have to be wary of, and welcoming the act of making mistakes. With the right attitude, you can strike the optimal balance!
Things To Remember