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"7 Common Mistakes of Startups (And How to Avoid Them)"

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Starting a business can be a rocky road. After all, most entrepreneurs already knew how big the failure rates of building a business are. Although there are countless reasons for business failures, here are some of the most common mistakes in a startup, along with ways to avoid them.

1. Out of Focus

There is a difference between recognizing opportunities and simply getting distracted. There will always be countless opportunities to make quick cash and profits. However, you should always consider whether it fits the core of your business.

Look for a revenue model and stick to the plan, it will benefit you more in the long run. Pivot only when it's absolutely necessary.

2. Out of Money

Being undercapitalized can handicap any business no matter how good it is in the first place. However, you should consider the roots of the problem first. If you are lacking investors, can you polish your business plan? Evaluate why your business is not interesting for investors.

If your problem is more about cash-flow management, you should fix it immediately, rather than playing the wait-and-see game. Yes, once you get more earnings and profits, it may fix itself. But there's always a possibility that it simply won't happen.

3. Procrastinating

Having a business plan is great, and people said having a great plan is 50% of the work already done. However, if you spent too much time procrastinating on your plan, the business won't progress anywhere at all.

Planning is important, but stop trying to refine and polish the plan until it's perfect, it'll never be.

4. Wrong Investor

Having the correct investor who understands your vision, mission, and has the same interest as your company is very important. A wrong investor can jeopardize your whole business, and the process can be a very stressful and painful one.

Make sure to have a proper talk with a potential investor before any investment. No matter how urgent you need the money, remember that the future of the business is more important than the now.

5. Fire too Slow, Hire to Fast

Hire the correct people only when you absolutely need it. Payroll can be a very heavy burden for any company. On the other hand, you should fire underperforming employees, especially those who are clearly not on the same page, as soon as possible

6. Failure in Communicating With Customers

Communication with customers works in two ways, and both are equally important. Failure to communicate your values to customers can be extremely dangerous for your business. On the other hand, failure to listen to customers' feedbacks can prevent you from recognizing the important issues at hand.

7. Unwise Decisions

Many entrepreneurs make unwise decisions. It can be because they blindly following advice, or simply because they are too in love with their businesses, or products.

Business instincts come with experience, and although it will need time, you should assess the situations to make decisions as wise as possible.