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What are the most common mistakes to avoid when starting a new business?

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Starting a new business can be an exciting and rewarding venture, but also a challenging and risky one. As an engineering manager, you need to balance your technical skills, your leadership abilities, and your entrepreneurial mindset to create a successful product or service. However, many new businesses fail within the first few years, often due to some common mistakes that could have been avoided with proper planning, research, and execution. In this article, we will discuss some of the most common mistakes to avoid when starting a new business, and how to overcome them.

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1 Lack of market validation

One of the biggest mistakes that new business owners make is to assume that their idea is unique, valuable, and in demand, without testing it with potential customers. Market validation is the process of gathering feedback, data, and evidence that your product or service solves a real problem, meets a customer need, and has a viable market size. Without market validation, you risk wasting time, money, and resources on developing something that nobody wants, needs, or is willing to pay for. To avoid this mistake, you should conduct market research, surveys, interviews, focus groups, and experiments to validate your value proposition, your target market, your pricing strategy, and your competitive advantage.

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Janelle Glanville

Chief Exectutive Officer /Founder at Earthject
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In my experience as a startup founder, I’ve learned that market research is paramount. As a business leader, my advice is clear: view market research as your foundation. Without a deep understanding of your audience and the market, you’re navigating unknown territory. It’s akin to baking a cake without knowing your guests’ preferences, risking a product no one wants. Ignoring the competition can be costly, leaving you adrift in the market. Pricing, scalability, and innovation all depend on this knowledge. So, fellow business leaders, make market research your guiding star for higher chances of success in our dynamic business world.

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2 Poor cash flow management

Another common mistake that new business owners make is to underestimate the importance of cash flow management. Cash flow is the amount of money that flows in and out of your business over a period of time. It is crucial for paying your expenses, your employees, your suppliers, and yourself. Poor cash flow management can lead to cash flow problems, which can jeopardize your business survival and growth. To avoid this mistake, you should create a realistic budget, forecast your revenue and expenses, track your cash flow regularly, reduce your costs, increase your sales, and secure enough funding or financing.

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James A.

Director, Global Restructuring Advisory at Kroll Singapore
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Many founders and entrepreneurs are good at “business” but fail to have a proper appreciation of the “numbers” and usually try to outsource the accounting/finance function rather than take ownership and be accountable. A good CEO has line of sight over both and knows when and what to delegate and what’s important vs what is not important.

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3 Ineffective team building

A third common mistake that new business owners make is to neglect the human aspect of their business. As an engineering manager, you know that your team is your most valuable asset, and that you need to hire, train, motivate, and retain the best talent for your business. However, many new business owners struggle with team building, either because they try to do everything themselves, or because they hire the wrong people, or because they fail to communicate, delegate, and collaborate effectively. To avoid this mistake, you should define your vision, mission, and values, recruit and hire people who share them, provide clear roles and responsibilities, foster a culture of trust and feedback, and empower your team to make decisions and solve problems.

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4 Lack of customer focus

A fourth common mistake that new business owners make is to lose sight of their customer focus. Customer focus is the ability to understand and satisfy your customers' needs, wants, and expectations. It is essential for creating value, building loyalty, and generating referrals. However, many new business owners get distracted by their own assumptions, opinions, and preferences, or by the features and functionalities of their product or service, and forget to listen to their customers and adapt to their feedback. To avoid this mistake, you should adopt a customer-centric mindset, collect and analyze customer data, solicit and act on customer feedback, measure and improve customer satisfaction, and deliver consistent and exceptional customer service.

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5 Resistance to change

A fifth common mistake that new business owners make is to resist change. Change is inevitable and necessary for any business, especially in a dynamic and competitive environment. As an engineering manager, you need to embrace change, and foster a culture of innovation and learning in your business. However, many new business owners are reluctant to change, either because they are attached to their original idea, or because they are afraid of failure, or because they are complacent with their current situation. To avoid this mistake, you should adopt a growth mindset, experiment and test new ideas, learn from your failures and successes, and monitor and respond to market trends and customer needs.

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6 Unrealistic expectations

A sixth and final common mistake that new business owners make is to have unrealistic expectations. Starting a new business is not easy, and it takes time, effort, and patience to achieve your goals. As an engineering manager, you need to set realistic and attainable objectives, and measure your progress and performance. However, many new business owners have unrealistic expectations, either because they are too optimistic or too pessimistic, or because they compare themselves to others, or because they lack a clear strategy and plan. To avoid this mistake, you should conduct a SWOT analysis, set SMART goals, track and evaluate your metrics and KPIs, celebrate your milestones and achievements, and adjust your strategy and plan as needed.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the most common mistakes to avoid when starting a new business?

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5

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1 Lack of market validation

2 Poor cash flow management

3 Ineffective team building

4 Lack of customer focus

5 Resistance to change

6 Unrealistic expectations

7 Here’s what else to consider

Engineering Management

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What are the most common mistakes to avoid when starting a new business?

1

2

3

4

5

6

7

1 Lack of market validation

2 Poor cash flow management

3 Ineffective team building

4 Lack of customer focus

5 Resistance to change

6 Unrealistic expectations

7 Here’s what else to consider

Engineering Management

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