I have a solid experience in advising for young entrepreneurs, it is one of my favorite area of expertise.
I have decided to summarize and highlight their most common mistakes when trying to get their startups off the ground. Read in my article biggest mistakes of entrepreneurs and I hope it helps you to avoid them!
Newcomers have plenty of ideas and enthusiasm, and it makes them feel secure that the world is going to beat a path to their door in order to buy your new product or service. Let’s analyze the most common mistakes
1. Underestimating time and investments
According to my personal experience it I think it takes twice as long and costs three times as much as we assume it will. Young businessmen usually think it is not. I let them think again.
2. Being too emotional about an idea
I have noticed young entrepreneurs fall in love with their idea, so they don’t make effort to find out who else do.
3. No legal protection of work behind
Entrepreneurs are so brimming with enthusiasm, so they tend to neglect to do a solid business plan, financial calculation. Going further they tend to forget about privacy policy, early employer agreement and other compliance type papers.
Neglection to do a solid paper work can lead to problems and future.
4. No competitor’s research
Young entrepreneurs investigate market, but they don’t put much attention to research their competitors, which is also a mistake. Competitors validate the market for you. If there aren't any, you may want to ask yourself a key question — is the problem I'm trying to solve widespread enough to warrant creating a business to solve it?
5. Taking too much time to launch
The product shouldn’t be perfect to launch at least a beta version to try the ground. Young businessmen usually take too much time to investigate and make countless researches. But the time is now, you must get natural feedback from your target.
These were biggest mistake startup entrepreneurs make. If you want to launch your startup business, I hope this information become handy for you and help to avoid common mistakes! If you have your question, please write it below, I would be glad to answer your questions or to introduce your project to my team at Astorts Group to be evaluated.
Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the Ceo of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.
