Everyone knows about the success stories of start-ups like Facebook and Google. However, what people do not know is that alongside every Facebook or Google, there are hundreds of other start-ups that fail. Having a great idea or identifying a ripe business opportunity is only the first step in a long journey towards developing a successful enterprise. If you are looking to start a business, there are some common mistakes that you should avoid.
The first and the most important step is to register your company. One of the fundamental problems that many entrepreneurs face is intellectual property theft. Many entrepreneurs will tell you that they have had their ideas stolen simply because they did not legally register a company. Even if it might take you months or years before your company formation is fully complete, there is absolutely no harm in registering a company early.
Another mistake that entrepreneurs make when starting their company is the failure to conduct an adequate market research. You may believe that your idea is a multi-million dollar one, but mass sentimentality may dictate otherwise. Conducting market research need not be an expensive endeavor. Begin doing so at a local level, and then expand outwards.
Finally, it is also extremely important to build beta versions of the products and services you offer. Once you have developed these, you can test them in the market to receive customer feedback. In many cases, you will discover that there are many aspects of your products or services that you have ignored. Extensive customer feedback will allow you to develop a range of products and services that meet the relevant needs.