3 Common Mistakes by Startups
Singapore has witnessed a huge boost in the entrepreneurship scene in recent years1. Today, the start-up community is booming and big name investors from around the world have their eyes fixed on this growing entrepreneurial hub. This spurting trend has inspired many to exit their nine-to-six jobs and start their own businesses.
Despite many testimonies from successful young entrepreneurs, the road to starting your own business is not always going to be a breeze. Here are three potholes you should avoid to make your entrepreneurial journey smoother.
Clients and investors need to be convinced that your innovation or concept is worth their time and money. Although passion and confidence is often contagious, they do not translate into dollars. Investors need to see that the value in your proposal can bring in tangible returns of investment. Bombastic concepts with no solid research are not going to bring you far.
If people are not buying your ideas, it should serve as a warning sign for you to hold your horses and rethink your plans. Instead of banking on the blind hope that you will be able to persuade them someday, be grounded and head back to base to firm up your strategies before proceeding.
That said, the reverse is detrimental as well. Not everyone will be sold on your ideas, but don’t let that tear down your confidence. Instead, take in feedback as valuable learning points that can guide you in strengthening your business proposal.
The strengths and foundation of your business plans should be balanced with a healthy dosage of confidence. You want your clients to feel your passion for the ideas but you also want them to be thoroughly assured of the potential success of your plans.
Being too Rigid
Believing in your work is important, but don’t let that hinder progress. We have our methodologies and preferences but keeping an open mind to welcome fresh ideas is essential in innovation and improvement. The market is ever changing and a fresh idea today may turn stale the next.
Being overly adamant on your stance can stunt the growth of your company. Know what should not be compromised, such as ethics and values, but be receptive to adjusting and adapting when needed.
Throughout your entrepreneurial journey, always seek counsel from various professionals and don’t be too quick to defend yourself. Accept and put thought into other opinions and advice so that you can insure yourself against any potential pitfalls. Otherwise you could just be holding yourself back from the huge breakthrough you’ve been awaiting. Having a humble and teachable attitude is the first step to success.
Choosing the Wrong Platform
Your company might be small now, but if things go well it won’t stay that way. Many startups jump right into long-term contracts or package deals in order to maximise savings without first considering the company’s potential needs.
Always make sure you plan ahead before throwing your money into the well. Getting yourself tied to an inflexible bond too early into the business may drag your company down when it evolves. Vendors that offer adaptable plans should be the way to go for a safer and less risky approach.
Be forward-looking and choose a scalable platform that grows alongside your company. Telecommunications services are often built to accommodate a businesses' growth, and you will appreciate the flexibility and savings in the long run. Consider a reliable option like StarHub’s Super Direct Services (SDS). SDS is perfect for your core and backup operations, offering high-speed connectivity ranging from 1 to 100Gbps, so you can select the best option for your business needs.
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