No risk means no reward in entrepreneurship, but watch out for the mess before you land in it! These are common pitfalls while launching a start-up:
Finance: Short- sightedness with funding can cause your project to fall flat before it ever takes off. Are you financially secured for the immediate future, and do you have a cushion for unplanned expenditure?
Product: Knowing your product or service is one thing, but knowing your product is going to please your customers is quite another.
Market: Who is your target audience and are you connecting with them adequately? Are they getting the message you’re trying to convey?
Team: Are you using the right people for your project? Do they match each other or do they complement each other in terms of skills and mind-set?
Management: Lacking experience or expertise is fine as long as the leader is open to competent advice. Care must also be taken to scrutinise and manage every aspect of your project. If not inclined to details, delegation or a partner can take care of this. Else, the enterprise will die of negligence.
Perseverance: Burning out or losing focus is turning out to be a highly common problem in business. And yet many start-ups pour all their resources into moving forward, full speed ahead. This leaves no reserves to fall back on in case of disaster, leading to minor pitfalls derailing the entire project.
Competition: If you enter the market with a hot idea or product, you will be dealing with heavy competition. Underestimating your opponents and rivals will then be the recipe for catastrophe.
Direction: How far into the long term are your goals set? If you aren’t achieving the progress you plan for, be flexible and have contingencies to go in other directions and pursue alternate ideas.
Hubris: There is a fine line between over-confidence and arrogance, and the latter will lead to an inability to see any flaws in your ideas, or take constructive criticism from others.
Location: How good are you at scaling up and reaching beyond your physical location? Connecting with your target users means stretching out unrestricted by geography.
About the Author
Rambal is at the helm of creative direction and client acquisition in the Rillusion design studio, with 14+ years of experience in advertising, media and web design. He is a fun guy with plenty of curiosity, boldness, and a preference for minimalist design.