Advertising
Advertising

4 Crucial Startup Mistakes That Can Kill Your Business: How You Can Avoid

4 Crucial Startup Mistakes That Can Kill Your Business: How You Can Avoid

Success doesn’t come easy, and it certainly doesn’t come without optimism. That is precisely why so many entrepreneurs invest their heart and soul, and of course money, into an idea or business that has a 75 percent chance to fail. This sure is an extremely discouraging figure, but don’t let it discourage you from giving your all to turn a dream project into a reality.

Although staying optimistic about your startup’s chances for success can play a vital role in deciding its fate, there are quite a few game-ending mistakes that can really strangle your business and leave you in a state of despair. Fortunately for you, we’ve identified the most common of these mistakes and gathered tips on how you can avoid them.

1. Repeating the Management Sins of the Past

Although there’s no harm in idolizing the management maestros of the past, making them an inspiration is not advised. Remember, trying to run the workplace affairs like Steve Jobs or some ruthless leader will not bring you the same level of success. On the contrary, it will probably result in a complete meltdown. The patriarchal, my-way-or-the-highway approach just will not work in the 21st century because the workplace has changed and the workforce has grown a lot more diverse.

Advertising

There’s a necessity to foster collaboration in the workplace. Don’t be a dictator, but rather be a democratic leader who lends an ear and gives value to the surrounding voices. Don’t just push your employees to perform, but also groom them to be future leaders.

Most importantly, learn to put your trust in them through the use of employee monitoring solutions like cell phone spy apps and other tools. Just remember to communicate the purpose behind the deployment of these monitoring tools with your employees and remove their concerns pertaining to privacy, otherwise you’ll find yourself facing a revolt.

2. Confusing a Good Idea for a Good Business

A lot of startups get excited too quickly about a seemingly great idea that they’ve come up with. Quite frankly, ideas are a dime a dozen. They may seem special and unique to the entrepreneur, but this perceived grandeur can easily be a fallacious assumption. Investing time and money in an idea that hasn’t been properly scrutinized and tested in the market can drain a lot of resources without bringing the expected returns, which in turn can cripple the startup financially and damage the entrepreneur and their entire team emotionally.

Advertising

Coming up with an idea that looks and sounds great is only the first step. The next step, and perhaps the most fundamental one, is execution, and that begins with market research. Failing to invest enough time in researching the potential success of that idea, misinterpreting the results, and using inaccurate data to forecast demand can wound a business critically.

Keep in mind that although a great idea may be the seed of success, only the seeds that are planted in rich soil and favorable conditions grow into full-fledged fruit-bearing trees.

3. Targeting a Tiny Niche Market to Avoid Competition

So many entrepreneurs are guilty of trying to play it safe by targeting a marginal niche to avoid competition. The returns may not be as high as they would probably want, but that is a compromise they are willing to make in order to enjoy a bit of security.

Advertising

This huge misconception has the potential to cause panic in future and eventually make the entire startup collapse. The truth is, competition simply cannot be avoided without avoiding good ideas. Every novel idea, when successful, inspires a dozen more entrepreneurs to imitate it with the hope of reaping similar rewards.

If you come up with a great idea and superb business plan, competition is inevitable. There is no point in running away from it, and choosing a small or obscure niche is certainly not going to help. Therefore, execute your idea, build your startup, aggressively chase success, and brace yourself for competition.

If you are offering great products or services to your customers, your competitors will have a tough time snatching them from you. Have faith in your idea and ability to execute it well, and stop letting the fear of competition restrict you to a tiny corner of a massive market that is waiting to be captured.

Advertising

4. Letting Perfection Get in the Way of Progress

A lot of entrepreneurs are so obsessed with attaining perfection from the get-go that they completely take their eyes off progress, which really should be the primary focus during the infancy stage. The premature quest for perfection can cause paralysis and hinder progress, which in turn can effectively choke a business to death. It’s important to realize that in order to walk, a child must first learn to crawl.

Just being average is not good enough for a lot of startups, and rightly so. But they really need to look at the internal and external conditions, and then decide if it’s the right time to step on the gas pedal and accelerate towards greatness. If they accelerate too early, they face the risk of bringing their progress to a halt due to lack of available resources or missing out on excellent opportunities.

In order to ensure a steady and healthy growth of your business, you must conduct a cost versus benefit analysis of your activities. This would help you prioritize. Wasting too much time and resources on elements that are great for business but not integral for its survival and growth is bound to prove toxic without proper planning and assessment. You need to measure your startup’s success in terms of progress, not perfection.

Featured photo credit: JD Lasica via flickr.com

More by this author

Tayyab Babar

Tayyab is a PR/Marketing consultant. He writes about work, productivity and tech tips at Lifehack.

10 Traits of Sucessful Heroic Leaders 25 Signs That You’re A Mentally Strong Person 10 Astonishing Benefits of Marmite That Will Turn Your Hatred Into Love 5 Fun Ways to Make Money Online That You Should Try 4 Crucial Startup Mistakes That Can Kill Your Business: How You Can Avoid

Trending in Entrepreneur

1 15 Best Entrepreneurs Books to Start Reading Now to Be Successful 2 How to Start a Small Business with Little to No Money 3 The Lifehack Show: Staying On Top of Your Game as an Entrepreneur with Frank Fiume 4 10 Employee Engagement Ideas to Improve Teamwork 5 Effective Employee Onboarding (The Complete Guide)

Read Next

Advertising
Advertising
Advertising

Last Updated on January 21, 2020

How to Increase Work Productivity: 9 Ground Rules

How to Increase Work Productivity: 9 Ground Rules

We all have those days when completing our assigned tasks seems beyond reach. With the temptation of social media, mobile games, and the internet in general—not to mention the constant bustle of people in the office—it’s easy to fall prey to disruptions and distractions at work.

So, what can we do about it? How to be productive at work?

While we don’t have a foolproof system that can completely eliminate disturbances and diversions, we do have 9 ground rules that can be applied to help give your productivity levels a boost.

Keep reading to find out our tips on work productivity.

What Does It Mean to Be Productive?

How to be productive at work?” is the age-old question plaguing employees and employers alike around the world. Regardless of where you work and what you do, everyone is always looking for new ways to be more efficient and effective.

But what does being productive actually entail?

Completing more tasks on your list or working longer hours doesn’t necessarily mean you’re being more productive. It just means you’re more busy, and productivity shouldn’t be confused with busyness.

Productivity means achieving effective results in as short amount of time as possible, leaving you with more time to enjoy freely.

It involves working smarter, not harder. It means refining processes, speeding up workflows, and reducing the chances of interruptions.

Productivity is best achieved when looking at your current way of working, identifying the bottlenecks, flaws, and hindrances, and then finding ways to improve.

9 Ground Rules on How to Be Productive at Work

1. Avoid Multitasking

Multitasking can give the impression that more tasks can be accomplished as you’re doing multiple things at once. However, the opposite is true.

Advertising

Research has shown that attempting to do several things at the same time takes a toll on productivity and that shifting between tasks can cost up to 40 percent of someone’s time.[1] That’s because your focus and concentration is constantly hindered due to having to switch between tasks.

If you have a lot of tasks on your plate, determine your priorities and allocate enough time for each task. That way you can work on what’s urgent first and have enough time to complete the rest of your tasks.

2. Turn off Notifications

According to a Gallup poll, more than 50 percent of US smartphone owners admit to checking their phones a few times an hour.[2]

Switching off your phone—or at least your notifications—during work hours is a good way to prevent you from checking your phone all the time.

The same applies to your computer. If you have the privilege of accessing social media on your work desktop, switch off the notifications on there.

Another good tip is to logout from your social media accounts. Therefore when you feel the urge to check it, you might be swayed because your page isn’t so easily accessible.

3. Manage Interruptions

There are certain disruptions in the office that are unavoidable such as your manager requesting a quick meeting or your colleague asking for assistance. In order to deal with this, your best approach is to know how to handle interruptions like a pro.

Be proactive and inform the people around you of your need to focus. Turn your status on as “busy/unavailable” on your work chat app.

If you’re on a deadline, let your colleagues know that you need to concentrate and would really appreciate not being interrupted for the moment, or even work from home if that’s a feasible option for you.

By anticipating and having a plan in place to manage them, this will minimize your chances of being affected by interruptions.

4. Eat the Frog

Mark Twain once famously said that:

Advertising

“if it’s your job to eat a frog, it’s best to do it first thing in the morning. And if it’s your job to eat two frogs, it’s best to eat the biggest one first.”

What this basically means is that you should get your biggest, most urgent task out of the way first.

We all have that big, important task that we don’t want to do but know we have to do because it holds the biggest consequence if we don’t complete it.

Eat the frog is a productivity technique that encourages you to do your most important, most undesirable task first. Completing this particular task before anything else will give you a huge sense of accomplishment. It will set the ball rolling for the rest of the day and motivate you to eagerly complete your other tasks.

5. Cut Down on Meetings

Meetings can use up a lot of time, which is time that can be used to do something useful.

You have to wait for everyone to arrive, then after the pleasantries are out of the way, you can finally get stuck into it. And sometimes, it may take a whole hour to iron out one single issue.

The alternative? Don’t arrange a meeting at all. You’ll be surprised at how many things can be resolved through an email or a quick phone call.

But that doesn’t mean you should eliminate meetings altogether. There are certain circumstances where face-to-face discussions and negotiations are still necessary. Just make sure you weigh up the options prior.

If it’s just information sharing, you’re probably better off sending an email; but if brainstorming or in-depth discussion is required, then an in-person meeting would be best.

6. Utilize Tools

Having the right tools to work with is crucial as you’re only really as good as the resources you have at your disposal. Not only will you be able to complete tasks as efficiently as possible, but they can streamline processes. Said processes are essential to a business as they manage tasks, keep employees connected, and hold important data.

If you’re the manager or business owner, ensure your team has the right tools in place.

Advertising

And if you’re an employee and think the tools you currently have to work with aren’t quite up to par, let your manager know. A good team leader understands the significance of having the right tools and how it can impact employee productivity.

Some examples of tools that could be used:

Communication
  • Slack for team chat and collaboration.
  • Samepage for video conference software.
  • Zendesk for customer service engagement.
Task Management
  • Zenkit for task and project collaboration.
  • Wunderlist for listing your to-do’s.
  • Wekan for an open source option.
Database Management
Time Tracking
  • Clockify for a free tracker.
  • TMetric for workspace integrations.
  • TimeCamp for attendance and productivity monitoring.

You can also take a look at these Top 10 Productivity Tools to Help You Achieve 10x More in Less Time.

7. Declutter and Organize

Having a disorganized and cluttered workspace can limit your ability to focus. According to researchers, physical clutter can negatively impact your ability to concentrate and take in information.[3] Which is why keeping your work environment well ordered and clutter-free is important.

Ensure you have your own system of organization so you know what to do when the paperwork starts to pile up.

Being organized will also ensure that you know where to find the appropriate stationery, tools, or documents when you need it. A US study reveals that the average worker can waste up to one week a year looking for misplaced items.[4]

Here’s a useful guide to help you declutter and organize: How to Declutter Your Life and Reduce Stress (The Ultimate Guide)

8. Take Breaks

Taking regular breaks is essential for maintaining productivity at work. Working in front of a computer can lead to a sedentary lifestyle which can place you at a higher risk of heart disease, diabetes, and obesity. Even a 30 second microbreak can increase your productivity levels up to 30 percent.

As well as your physical health, breaks are also crucial for your mental and emotional wellbeing. That’s because your brain is like a muscle, the more it works without a break, the easier it is for it to get worn out.

Ensuring you actually take your breaks can prevent you from suffering from decision fatigue. It can also help boost creativity.

Take a look at this article and learn why you should start scheduling time for breaks: The Importance of Scheduling Downtime

Advertising

9. Drink Water

Although we know we should, it’s easy to forget to drink enough water during the working day.

Many of us turn to tea or coffee for the caffeine hit to keep us going. However, like taking breaks, drinking water is essential for maintaining productivity levels at work. It’s simple and effective.

Not drinking enough water can lead to dehydration and also headaches, tiredness, and weight gain.

A good tip to avoid dehydration is to keep a water bottle at your desk as it can serve as a reminder to constantly drink water.

If you find the taste of water a little bland, add some fruit such as cucumber or lemon to give it a better taste.

You can also get more ideas on how to drink more water here: How to Drink More Water (and Why You Should)

The Bottom Line

The preceding 9 ground rules on work productivity aren’t the be-all, end-all. You and the company you work for may have other tips on how productivity is best increased and maintained.

After all, it’s something that can be perceived differently depending on the exact job and work environment.

In saying that, however, the 9 ground rules serve as a good foundation for anyone finding themselves succumbing to disruption and distraction, and are looking for ways to overcome them.

A good tip to keep in mind is that change doesn’t happen overnight. Start small and be consistent. If you slip up, just dust yourself off and try again.

Developing habits happens gradually, so as long as you keep up with it, you’ll soon start to notice the changes you’ve been making and eventually enjoy the fruits of your labor.

More About Boosting Productivity

Featured photo credit: Cathryn Lavery via unsplash.com

Reference

Read Next