Slow Your Roll: The Mistakes Overeager Entrepreneurs Make
Entrepreneurs are eager. Sometimes too eager. And when it comes to testing out their products, their anxiousness can affect the feedback.
Information architect Abby Covert, who consults brands on user experience said during a presentation at Startup 2013 recently that the biggest mistake startup owners make is they “can’t shut up,” reports Business Insider.
When testing their products they offer too much information to focus group participants. For example, they may go on and on about how much of their lives they have devoted to their new company. By doing this, the focus group members may not feel free to be critical of the product. Covert’s advice: be quiet and let your product speak–or not speak–for itself.
This is just one mistake new business owners make. According to the Wall Street Journal, another misstep is seeking out advice from too many people. “It’s always good to get input from experts, especially experienced entrepreneurs who’ve built and sold successful companies in your industry. But getting too many people’s opinions can delay your decision so long that your company never gets out of the starting gate,” reports the WSJ. Instead gather together a reliable advisory board that you can solicit advice from.
Another no-no is raising too little capital. “Many start-ups assume that all they need is enough money to rent space, buy equipment, stock inventory and drive customers through the door,” reports the WSJ. But don’t forget about: salaries, utilities, insurance and other overhead expenses. So make sure to calculate all your start-up costs before you opening shop.
But also raising too much capital can be a problem. “Over-funded companies tend to get big and bloated, hiring too many people too soon and wasting valuable resources on trade show booths, parties, image ads and other frills,” notes the WSJ. If you have raised a lot of capital, don’t blow it all in the beginning. Bank some for the long haul.