Three Common Startup Mistakes

When it comes to entrepreneurial ventures, Richard Branson is the master. He has created a gold mine with his Virgin businesses, and anything the man touches seems to succeed over night. Let’s hear what he has to say about the three most common mistakes that startups make:

• Don’t Lose Focus. One of the easiest ways for entrepreneurs to get off track is to veer off the road they need to walk in order to achieve their goals. Part of this is having clarity about your business and being concise in your elevator speech. Every day remind yourself and your employees of your company’s mission statement and your goals.
• Don’t Hire Your Friends. As tempting as it is to hire your friends and family, avoid this mistake at all costs. While it may be fun to have them surround you in the beginning, eventually termination issues may arise that will severely complicate relationships. He has a rule of thumb with Virgin: whenever he starts a new company, he brings in an experienced pool of workers who already know the ins and outs of the business. Branson also emphasizes the importance of hiring a manager who is aligned with your vision and who you trust to run the business one day.
• Know When To Step Down. Branson claims that most entrepreneurs make horrible managers and can’t efficiently run the day-to-day tasks required for a business. Hiring the right people (remember point 2?) means that you don’t have to be responsible for running your business. Let’s be clear that this doesn’t mean not being aware of what’s taking place within your company. It’s about getting the machine well-oiled, then checking out at the moment it can run itself with your management team. However, if you see something you don’t like, step in and fix it.

Have any of our entrepreneurs at Metro Offices found these tips to be useful in the success of your business? Let us know in the comment section below!

tags: Articles | entrepreneur | Richard Branson | startups | Virgin