Creating and managing a startup is one of the challenging things out there. Wouldn’t it be great if someone could give you a “to do” list when you were ready to start your company that would guarantee your success? Even better, what about a “to don’t” list of things to avoid at all costs?
Sacha Haguma, a Business Development Support at Entrepreneural Solution Partners (ESP), says throughout his experience at ESP there are some things he encountered Entrepreneurs do that others do not and some things they do they should not.
After he told us the mistake to avoid as a startup he also mentioned that there are some principles he has found to be very effective for growing a startup.
Be patient
Patience is important for all types of entrepreneurs, including creative entrepreneurs. However, given the numerous challenges that entrepreneurs face, practicing patience can be a serious challenge.
However, this ESP coach believes that patience allows you to think, make good decisions, and stay focused on your long-term goals.
“Young, you want to work, you see everything, and you just want to rush without thinking long term,” he said. This is something he strongly advises against.
Fill your patience jar and avoid making rash decisions.
Be hungry for information
Information is both powerful and essential. Haguma believes that young entrepreneurs should ask as many questions as they can and conduct as much research as they can because most information is easily accessible in today’s world.
“Be hungry for information; we live in a time when you can get anything from your phone; you have no excuse; you can google anything; use your tools as much as you can.”
Consider the long term vision
Many entrepreneurs, according to Haguma, “do not consider their long-term visions when making decisions or running their businesses.”
He stated that he has met people who believe they are “going to fix something really quickly.”
He stated that those entrepreneurs forget about the other aspects of the business, and it comes back to bite them later.
As an entrepreneur, you should run your business with a long-term vision and objectives in mind.
Do not be quick to hiring family members
We’ve all heard of businesses that are mostly made up of family members, even if they aren’t qualified to do the job.
“Another issue I’ve discovered is an entrepreneur who easily allows a family member or a friend into the business,” he explained. “You have to understand that it’s a business.”
He stated that allowing any family member into your business can have negative consequences.
“Imagine if that was combined with a lack of bookkeeping; you’d have no idea where your money was going.”
Be careful who you hire! It should all depend on their skills and qualifications and their added value to the business.
Having the right paper work
You must ensure that all of your paperwork, particularly your contracts, is in order. They must be specific and clear.
The Business Development Supporter believes that having your paperwork in order eliminates many potential issues in the future.
“It doesn’t matter as long as you have proper paperwork. It must be concise and signed. “There’s no confusion if they know what they’re supposed to do and you know what you’re supposed to do,” he said.
“What about the shaking hand? No At the end of the day, you must have something legal.”
Have a plan
It is critical to have a plan. Haguma emphasized that without a plan, there is no direction, which can lead to business failure.
“Whether it’s a plan for the next three months or for the next five years, I don’t think you’ll be able to stick to it on the dot,” he said, “but it gives you direction.”
“If you miss the goals or exceed them, you readjust, but at least you have a direction.”
