Common mistakes first-time founders make.

Starting your first business can be one of the most exciting times in your life. There’s so much you want to do and so much you’re yet to accomplish. As someone who has been a first-time founder and works with first-time founders, here are some everyday things I wish I’d known when starting.

Manage your unrealistic expectations.

One of the most common mistakes is setting super unrealistic expectations. Starting a business takes time, effort and patience, and you must set achievable goals and realistic timelines for smashing them. It might seem like everyone reaches success overnight, but the secret is focusing on the small wins that help you grow your business over time.

Trying to scale too quickly.

Of course, you're eager to grow and scale your business as quickly as possible. However, scaling too quickly can lead to a lack of focus, burnout, and sometimes, even bankruptcy. Instead, focus on building a solid foundation for your business, and grow at a pace that allows you to maintain quality and sustainability.

You’ll make mistakes early on, and that’s a good thing. It’s better to try out new ideas and strategies before you amass a large customer base and gain many clients. Also, figuring out what works well is easier when you’re not trying to scale at any cost.

Hiring too soon.

Hiring the right team to help you build the dream is crucial - and perhaps an overlooked part of building your business. So often, founders rush into hiring without properly considering qualifications, experience, and, most importantly, personality. Having the right personality and chemistry around you is vital.

One of the mistakes early founders make is hiring the wrong type of employee due to budget constraints. It’s easy to fall into the trap of hiring three graduates instead of one high-level employee. In my experience, most founders struggle with wanting to hire quickly vs waiting for the right candidate.

The first five hires of your company are so important - they can make or break your business.

Not listening to the market.

Your business is your passion, and sometimes this blinds you from seeing its flaws. It's challenging to hear sometimes, but feedback and constant adaption to fit the market is an understated part of entrepreneurship.

Customer feedback is critical - as they are the ones who use your product/service. They don’t have any of the biases that we do when it comes to what we’re doing, and open feedback can save you time and effort in growing your business.

One of the simplest ways of getting feedback is calling or emailing any customers you have and just listening to what they have to say.

Not having your personal finances in order.

Being a founder is hard, and even harder when you don’t have your finances in order. Ensure you have a solid understanding of your finances and create a budget considering the costs of starting and running a business. Avoid taking on unnecessary debt and have a plan for managing your finances if your business experiences a downturn.

You can’t be at your best and work on your business if you constantly worry about your finances.

Now you know some of the entrepreneurs' most common mistakes; nothing can stop you!