Deciding to pursue a business idea is a hard choice. It means you’ll need to face unknown challenges, uncertainty, doubt, your own inhibition, failures or fears – and you’ll also face the best parts of yourself too. Those who have success dedicate themselves to what they might go through just to make their idea work.
If making mistakes worries you, here’s the good news. With these startup tips, you can dodge and reduce the risks the consequences of wrong business choices. Remember those who have the greatest successes partner with people who’ve been there and done that, those partners are the way towards having your dream come true.
STARTUP TIPS: Here are three of the most common mistakes some entrepreneurs make:
1. Prioritizing your own preferences over the needs of the customers
Many entrepreneurs are guilty of making this mistake. Their idea is actually born from their own need for a solution and they assume that it is the same exact need and problem that their target audience will have. Even if it was the same need, their target audience might not see things the same way. And sometimes their problem is actually different than yours.
The best way to make sure that you are focusing on your customer’s needs?
- Send Out Surveys
- Conduct Focus Groups
- Listen to Reviews and Feedback
At IdeaPros, we conducted a survey set for one of our partner’s product. It was a beauty industry item. The results? Horrible. Nobody seemed to like it. So, we went back to the drawing board. We took this same product and incorporated it into a lipstick tube, so it was always ready to do its part. Next survey – bam! Hit it out of the park! Currently, we are speaking to licensing agents about licensing it to a major cosmetics company.
So – No matter how big your product’s potential is or how revolutionary you think it is, your goal should always be to serve your customers which means you have to listen to them and not the other way around.
Remember that at this point and every point until your succession plan or exit strategies are implemented, you need your customers more than they need you.
2. Not Balancing Production and Marketing
Focusing too much time and resources on creating their product and not enough time on marketing/selling the product is a common mistake that entrepreneurs make.
Entrepreneurs should always remember that there should be balance in production and marketing & sales. You cannot keep on building products and just wait for customers to buy. This will definitely waste your financial resources.
Inventor investors want to see sales – – or at least proof of concept.
Super Venture Firms & partners will help you develop the business and product, build out your marketing strategy and even help you presell your product. Any other “done-for-you” service providers only build what YOU want. Their interest is in getting paid, not growing your business. Ask yourself how bought in are they if they don’t have their own skin in the game?!
Keep in mind that no matter how amazing your product is, people need to know that your product exists, and you have to let them know why they need it and how come they need it today.
Prepare a marketing strategy and a sales strategy. Some marketing platforms may include promotional efforts through media mileage such as television, radio and print ads, social media marketing (Facebook, Twitter, Instagram, YouTube, etc.) and email marketing name a few avenues to explore.
The good news is that if this seems over your head or the steps seem daunting, you can partner with a Super Venture Firm like IdeaPros with the marketing team that can help you succeed.
IdeaPros cuts up to 75% of the cost and time it takes entrepreneurs to build things themselves. Save yourself the hassle of trying to figure out what you don’t know and apply for one of our IdeaPro Interviews today.
3. Overestimating your business idea
Overconfidence is an ingredient to failure. Once you think too highly of yourself or your business idea, you become susceptible to thinking that no new improvements can be done. This is what is known as the uncoachable syndrome and will end in a rude awakening.
If you want to establish a business, always remember that you will thrive if you have a “customer-first” attitude. The key to success is to have satisfied and loyal partners, clients, customers, and patrons.
Three ways to keep your mind open to new opportunities to improve:
- Regularly check with customers on how your product is working for them
- Keep up-to-date on technology and trends in your industry
- Use your own product or service
These are only three of the most common mistakes committed by entrepreneurs. To learn more about other pitfalls that we did not cover, pre-register for our webinar and read our other IdeaPro blogs.
IdeaPros is a Super Venture Partner™ who has the resources, experience, and tools to help you succeed at this step or any step in the entrepreneurial journey.
We partner with entrepreneurs at any stage and who are ready to invest in the success of their idea. Apply for an interview and let’s explore partnering together.