Few Mistakes Start-ups are likely to Make in their First Year

Few mistakes start-ups are likely to make in their first year

Every Entrepreneur is a visionary and even if his product is marketable, he is still bound to make some of these mistakes.

Hiring too many staff:  The amount of staff you have in your first year does not determine how prosperous your company would become, even if it might influence its valuation now. In your first year be careful how and who you hire. AirBnB CEO advises,   he also added that they did all the work themselves for almost a year.

Hiring Incompetent Staff: this mistake is actually not at all purposefully but it is simply made. Most times the first few hires might not be taken so seriously until they have this experience. You feel you don’t have time to hire the very hands that would move your baby dream to the next level. You feel like you don’t also have the money to pay some kind of people you might like.  Then you get the first guy that comes into your head or the one a friend recommends for you.  Most of these people, 90% of the time, don’t make it after the first year only 10% do.

Spending More money than you have To: Yes you probably have drawn a budget, but the question is how many items in your budget you really need. Do you really need that new Pc when you could manage the old one for the first year or that spacious office and interiors, when it would have been saved for marketing.

Over-promising Clients: A good sales person would always under promise and over-deliver. But most startups are so excited and they say more than they can do or they say what they think they can do but are not sure they can deliver. When they don’t deliver, it’s bad for business.

Setting Very High Target:  Remember that your competitors on ground spent years to build what they have. It would feel right to give yourself high targets you want to achieve . But you would feel bad and have the erroneous belief that you are not making much progress when you actually are.


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