Alright, here it is, the fifth and final installment of our weekly piece on common startup mistakes & how to avoid them! To recap, the first four mistakes were (1) not paying attention to the market, (2) rushing in, (3) being inauthentic, and (4) mismanaging expectations. This week:
Startup Mistake: Keeping your work (and ideas) to yourself
You have resources. Use them.
As John just stated in our last piece, no one will care about your dream as much as you, but that’s not to say that you have to do all the work. And for the sake of your sanity, you shouldn’t. As hard as it may be to relinquish control and delegate tasks to others, you’ll save yourself a lot of time in the long run and thank yourself later. Remember Bec from Irie? Take it from her:
“Hire a CPA!! Best thing we ever did for our business because we are not tax experts. We filed a few things incorrectly, got fined, and had to do it again! And when it comes to taxes, as the owners, make sure you set aside cash for your own payroll. Your CPA does NOT do this and it can bite ya in the butt big time when it’s tax time.”
Utilizing your resources also applies to actual things, such as software, books, and other tools.
“Just get Quickbooks already! Don’t dilly dally around using excel spreadsheets. You will upset your CPA and yourself when you eventually get it [Quickbooks] and have to back log EVERYTHING! Also, the best book ever for clarifying your business message is ‘Building a StoryBrand’ by Donald Miller. This helped us tremendously!”
Finally, according to Lizelle van Vuuren, it isn’t just work that you should share.
“Don’t keep your ideas and assumptions to yourself. Nobody is going to steal your exact idea and even if they do get inspired by it, it’s your job as a founder to build something unique. Too many folks don’t share what they’re trying to build and it holds them back from making progress. Besides, every entrepreneur and creative takes a little something from all the things they learn and all the people they gain feedback from. It’s a founder’s task to package that into a unique offering that can compete in the market and solve a real problem.”
So there you have it. Five all-too-common entrepreneur mistakes and tips from some of our favorite industry experts on how to avoid them. Hopefully you’ve found these insightful and will feel free to reference these pieces next time you have a brilliant (or boneheaded) business idea!
Have a question or want to learn more about the contributors to this article? Connect with them on LinkedIn: