Things you should know about opening your own startup

A decision about opening a new company should be well thought, that is quite obvious for us. But is it also obvious that we really need to learn from our mistakes if we want to achieve success? The fact is that we learn best from our own failures. However, making mistakes is not everything, the key is to be able to notice, fix and then avoid them in the future.

Building a successful company is a complex process which is based on our previous experiences. Therefore, doing something wrong is not a problem, the problem is if you keep doing the same mistakes and you are not making use of your “lessons”. In the article below, you can find some advice that you may find useful when you think about opening a startup.

  1. Learn before you earn – you must be realistic about your skills, experience and knowledge.
  2. You will need to cooperate with lawyers if you want to avoid costly mistakes.
  3. Prepare a good financial model – it is a great way to organize your idea and anticipate potential scenarios. You need to plan ahead if you do not want to find yourself in big chaos.
  4. Put a lot of effort to find good investors.
  5. Realize what your weak sides are and look for such people to work with who would be able to fill these gaps.
  6. Listen to customers, partners, suppliers and employees. Not to the hype and… your skeptical family and friends foreseeing the worst scenarios.
  7. If you want to sell something, first ask yourself:
    – Why would someone buy something like this?,
    – Why would he buy this from me?,
    – Why would he buy this now?
  8. You need experience. No matter how much time you devote for reading books, articles etc. about entrepreneurship, you will not be successful without your own real experience.
  9. Be prepared for bad moments. It is normal that companies sometimes must go through darker periods. Do not give up, learn from each experience and avoid harmful comparisons.
  10. Your decisions can be wrong, but you must make them if you want to make steps forward. Not making any decisions because you are not sure, have not enough information or you are afraid, does not help you develop. You just need to know how to correct the wrong direction.
  11. Be aware that you can lose. If you lose, analyze the whole situation and draw conclusions.
  12. Take care of your best workers. If you do not want your company’s backbone to fall apart, you must take a good care of it. Without your most precious employees you may find your company in a big trouble.
  13. Take care of your health. Working late, a diet based mainly on fast food, travelling too much, too less physical movement and too much stress will bring results sooner or later. We still tend to ignore the influence of such a lifestyle on our future.

Try to learn from the other’s mistakes as much as it is possible. You will definitely make your own too, but it is always better to avoid at least some of them.