Let’s face it: our personal and business lives are full of failures – some small, some big. However, if you can learn a lesson from these, then they become merely instructional missteps and forge a stronger end result. Indeed; this can even be a microcosm of life, itself.
The Elements of Success Spring from Failure
In fact, many successful entrepreneurs note just how essential their early failures were in making them humble and more receptive to constructive criticisms. By going through the growing pains of the early stages of a venture, they learned a lot about precisely what it takes – in particular, the unseen hand of competition.
To help drive the point home, here’s a shortlist of some of the mistakes that many startups make – you can still try some of them, armed with the foreknowledge of where things can go wrong:
- The press can be as much of a boon as a detriment; avoid too much of it too early in your startup
- Getting too big too fast; in particular, expanding to new locations. Let the demand side of the market determine whether you need to do this, as it is costly
- Pay close attention to your hiring practices; generally, you want young talent that has been vetted
- Allow the market to dictate your price – don’t charge too much to cause customers to balk; neither charge too little to be profitable
- This may not seem like a problem, but it can actually be a detriment to raise too much capital in the beginning
- When your product or service is nearing the market phase; take care not to implement too much functionality before your prospective consumers have actually tried it yet; let their choices decide how you’ll eventually optimize the product/service
In the coming years, you will see just how much your early failures helped in getting your startup to success. When coupled with new legislation (which appears to be on the horizon) that helps mitigate the risks that startups have to take, you could end up very well-positioned to thrive. For more business-interest articles and perspectives like this, make sure to bookmark Ambition Funding Solution’s blog.