Being an entrepreneur can be incredibly exciting and rewarding. However, it’s equally challenging. As you’re mapping your strategies for growth and development, there are quite a few areas, where you might get stuck.
Let’s look at the most common mistakes startups make that keep them from reaching their full potential.
You spend too much time perfecting an unproven product
Launching as quickly as possible should be the key aspect of your success strategy. Set clear requirements for what is absolutely necessary for the MVP and cut what you can live without (at least during your initial launch). Getting it to market quickly (and with some rough edges) is likely to prove more valuable than waiting to launch the perfect version of the product. You don’t really start learning until you are getting feedback from real users. This is vital even if there are competitors in your product market space.
You give up too early
It’s difficult to point the right time to give up on something, but persistence is a useful trait to have. When you are discouraged, that is the time to take some sort of action. Stop seeking the approval of your peers. Pursue your dreams or better yet — your goals. Everything takes time and you can’t expect to be successful if you don’t put in a great deal of your time, efforts and resources. Move at a pace that feels comfortable by agile and makes sense for your timeframe and deliverable rather than stressing to achieve measurable results as soon as possible before deciding to give up.
You hire purely based on experience
Look at the potential of a candidate, not just how experienced they are. The best candidates are usually the hungriest to succeed. Lack of experience doesn’t necessarily translate to failure. On the contrary. People who lack the experience often make up for it in how passionate and dedicated to a cause or a project they are. Try to find a shared interest with someone and use that as a guiding point to coach and mentor early employees in a direction that help them grow as professionals and contribute to your company.
For assistance with your minimal viable product (MVP) reach out to us at mindkatalyst.com
Carnellia Ajasin, CEO of Mind Katalyst, is passionate about inventing new technology products in the emerging technology space that are meaningful and relevant. She works with ambitious organizations and businesses on the strategic application of innovation, creativity and emerging technologies to create competitive advantage, transformative impact and growth in business and society.
