Founder mistakes you should avoid at all cost

founder mistakes

The struggle is not that different when it comes to decision making as CEO or founder of a company, is not about if you are already inside startup world or you just want to join this beautiful world but the main thing is that you have to know what you are doing and what kind of effect it will have on your company. So today we want to talk about some Founder mistakes that may crush whatever they have already made and established in their startup and you should avoid these acts to save your startup and lead it to greatness.

Starting without contiguous plan

Well, how can we describe this one better than the title itself? You should be too naïve to go for a business and found a startup without planning ahead. You can just go and say things will shape well in future and you should not be worried about anything. You have to plan for your future and this plan should be a little bit versatile and that’s not by any means suggest that you have to predict all steps ahead, you should just know what you want to do and prepare yourself for some obstacles on the way ahead. It’s just like a road trip, if you go without enough fuel and food and water or at least plan on where you can buy them along the way, and then you are going to fail.

This means that you should think about finance, legal and tax fees, team, growth plan, next stage of the idea and a lot more. Only one idea will never be enough because if it fails, you will fail so always think about backups before going in a tidy ocean called startup. this one may take a while but if you ignore it then you will fail without exception.

Waiting too much

So you may think that you should wait for a long time to plan things ahead but this will be a foolish decision and it is yet another one of those Founder mistakes that can ruin your startup before even starting it. You can start and plan at the same time. This is no rocket science and you can do it without being forced to wait for too long and sit and plan on paper. If you don’t act in time then others will do it before you and your idea may become some secondhand copy of other startups if you don’t act fast.

Start, plan and work at the same time to make things happen in the best way, if you neglect any of these then you will most probably fail but if you work it out then that would be great. But don’t misunderstand this point and jump without preparation, you should wait for planning but not for too long.

Not putting your life in the line of work

Startup founder will marry his work and his startup. Remember that living startup life is hard and sometime you may feel the weight of the world on your shoulders and yet again you have to move forward to make things work. If you can manage this pressure then you will fall hard.

In order to manage such tremendous pressure, you should go all out. Going without putting your heart and soul in the business is one of the greatest and most fundamental Founder mistakes that anyone may do and you should avoid it at all costs. If you go all out, it may takes some years but after that you can rest assure that your life will be a whole lot different from what you had before and startup life can bring you early retirement. So in order to get this great life, you should sacrifice some of your current life and this is something you should always know before going on and founding a startup company. And before starting, prepare your family and friends for not seeing you regularly for a couple of years and then you will avoid a huge headache.

Being scared

Old people say that fear is brother of death and in startup life it is more valid than ever. If you are afraid of doing something then you won’t do it right. If you are scared of failing then you will fail. Founder mistakes are not only in actions but they can happen in thoughts and mind itself and too much fear is one of them. You must know that fear can be your weapon. If you go without fear then you may fall in dumb traps but if you go with too much fear then things will get even worst.

Don’t be afraid of failing, many people failed and raised again but if you think that you can’t do this then you are not made for startup life. You are strong just like any other human being and fear will only cripples you and makes you static instead of the dynamic person you should be as a founder. So maintain balance between fear and courage and you have the ingredient for success as a startup founder.

Money money money attitude

Yes, it is important to gain money if you want to be successful but if you think only about money then you will fail without any chance of redeeming yourself. People who only think about money will not be able to take the necessary actions to make things work well.

This is a very important thing because for some time around two years you will not be able to harvest money from your startup and this means that you are going to be uneasy about money all the time and it will prevent you from ever trying to improve because you feel like improvement is all about money and this is a huge setback for you not to get money fast. So ditch this attitude because money will come later but you have to work for it. If you want to jump across a gap then you should take a couple of steps back to get the speed and power to reach other side and thinking about money all the time is just like refusing to take those steps back.

Wrong pricing scheme

Another one of major founder mistakes is bad pricing. Your idea might be good and crafty but if you sell it with wrong price then you will not get anywhere. To be honest, many people think about this but in a wrong way. If you put your price too high then people will not buy from you and soon after a rival will come and get your place with the right price for the same type of product.

On the other hand if you put that price tag too low then you will face problems on your base. You can’t pay well to your team and they still leave, you can’t make enough money to expand your business and a lot more of the same type.

So the question is how you can make the right price? You should analyze the business and rivals first. Then you have to identify your customers and their spending pattern and a then you should put the price. You have to be flexible to make fast changes as well and this is what a professional advisor can bring for you so if you can afford one then hire him or her to get this problem out of the way.

Acting solo

You can’t do everything all by yourself and that’s why we have societies around us. If you want to be a good startup founder then you must be ready to take advice from others and sometime change yourself for your team and business.

Many people believe that they can do things better themselves but you cannot find enough time and energy to make these things done so try to know what you can do and what you can assign to others. So in this way things will be done much better than what you think and the whole business will improve as result.

So as always, we encourage you to share your own personal experience with us here. If you had a good or bad experience regarding this topic then you can share it with startupik family by leaving a comment down below.

So as always, we encourage you to share your own personal experience with us here. If you had a good or bad experience regarding this topic then you can share it with startupik family by leaving a comment down below.

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