Start-up success is often described as some elusive feat that only a lucky few are able to achieve. In reality, start-up success (or failure) is usually a lot more predictable than you expect. You’ve probably heard the statistic that 90 percent of start-ups fail, and that’s true. What you may not have heard is that start-up failure usually boils down to a few common mistakes and mis-steps. Better yet, those mistakes can often be avoided.
If you’re ready to up the ante and accelerate your start-up, or if you’re considering launching a startup, consider these top five mistakes so you can avoid them like the plague.
Startup Mistake #1: Going It Alone
Rome wasn’t conquered in a day, nor was it conquered by some dude flying solo. Attempting to launch or run a start-up with no help, no advice and no team can be detrimental in a myriad of ways. For starters (pun intended), you’re much more likely to burn out, give up or quit if you don’t have someone to share the work, the glory and the triumphs with. Let’s look at the facts: research shows that your start-up is 30 percent more likely to succeed if it has two founders, as opposed to one.
How to avoid the mistake:
Divide and conquer. Launching with a partner or co-founder is one option for sending your start-up off in the right direction.
But even if you don’t know a suitable founder or if you don’t want to give up a share of your business, you can still seek advice and expertise from outside advisors.
Free business mentoring services, such as SCORE which is sponsored by the SBA, will give you a team of absolutely free, expert business professionals with a wide array of backgrounds to give you advice and resources on running your start-up.
You literally have nothing to lose and everything to gain.