4 Common Startup Mistakes (and How to Avoid Them!)

  • 28th Mar'22
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  • 14
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We’re living where many young entrepreneurs from all over the world are trying to develop new business ideas. However, before you get carried away, it’s important to know that each startup, no matter how innovative the concept, is operating within a very competitive market. NY Governor Andrew Cuomo recently launched an initiative to train and educate small businesses in today's digital economy, which goes to show how competitive the landscape has become.

The stakes are high, so it’s important that every step you take to establish your startup is deliberate. Here are four of the most common startup mistakes that you should avoid:

 

Business Structure

 

Choosing the Wrong Business Structure

Choosing the wrong business structure can make legal matters complicated. For startups, the best business structure to choose would be a limited liability company (LLC). According to AskMoney’s guide to limited liability companies, establishing your business as an LLC can increase your legal protections as a business owner. Let’s say you own a car repair service. If one of your employees damages a client’s car, your client could legally press charges against you. However, if your business was designated as an LLC, your client would only be allowed to sue the business itself. LLCs also have more flexibility when it comes to accounting, taxes, and location.

 

Having an Unclear Purpose

Today’s hyper-aware market means that customers are interested in understanding your company’s story. Finding a "why" behind what your company does can ground your operations, and communicating your company’s purpose can help customers connect with your brand.

According to our article on mission and vision, developing a clear vision can be a great place to form a strategic direction. Your mission statement defines what your business's primary objective is, while your vision statement illustrates what the future might look like once your business achieves its goals. Having clear goals to work toward can help keep all members of the team motivated.

 

Funding

 

Not Keeping Your Funding in Check

Once you’ve secured your pre-seed or seed funding, it’s tempting to go big. Many founders end up squandering their funds right away, but it’s important to remember that funders get more risk-averse the higher you go up. Investopedia’s guide to series funding notes that Series A investors are especially careful, as this is the pivotal moment that defines how a startup will establish its operations and actually get the ground running. While it’s good to spend your funding on nice office space and facilities, just remember that you have other rounds of funding to consider.

 

Keeping Your Operation to Yourself

The problem with any small operation, especially one that’s just starting out, is that owners want to keep their operations to themselves. The Balance maintains that delegation for business owners is important because owners who take everything on, end up hitting a ‘success stopping point’ where the business operations start suffering because the owner ends up getting burnt out. With freelance and remote employees on the rise, owners can easily take advantage of this growing market and hire staff as needed.

The exciting startup atmosphere is infectious, and it’s easy to get caught up in the startup craze and feel like it’s time to start your own. Avoiding common mistakes is key to ensuring your startup gets off the ground.

 

We at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. So, do share them in the comment section below.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Mallika Khandelwal, Super admin

A staunch proponent of karma, Mallika believes in what goes around, comes around philosophy. She is ecstatic with her life and strives to live it to the fullest.


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2022-05-13 06:13:04

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GET RICH WITH BLANK ATM CARD ... Whatsapp: +18033921735 I want to testify about Dark Web blank atm cards which can withdraw money from any atm machines around the world. I was very poor before and have no job. I saw so many testimony about how Dark Web Cyber hackers send them the atm blank card and use it to collect money in any atm machine and become rich.(DWCHZONE@GMAIL.COM) I email them also and they sent me the blank atm card. I have use it to get 250,000 dollars. withdraw the maximum of 5,000 USD daily. Dark Web is giving out the card just to help the poor. Hack and take money directly from any atm machine vault with the use of atm programmed card which runs in automatic mode. You can also contact them for the service below * Western Union/MoneyGram Transfer * Bank Transfer * PayPal / Skrill Transfer * Crypto Mining * CashApp Transfer Email: dwchzone@gmail.com Text & Call or WhatsApp: +18033921735 Visit: https://darkwebcycberhackers.com

2022-05-13 06:13:04

I NEED A BLANK ATM CARD 2022 , Whatsapp: +18033921735

GET RICH WITH BLANK ATM CARD ... Whatsapp: +18033921735 I want to testify about Dark Web blank atm cards which can withdraw money from any atm machines around the world. I was very poor before and have no job. I saw so many testimony about how Dark Web Cyber hackers send them the atm blank card and use it to collect money in any atm machine and become rich.(DWCHZONE@GMAIL.COM) I email them also and they sent me the blank atm card. I have use it to get 250,000 dollars. withdraw the maximum of 5,000 USD daily. Dark Web is giving out the card just to help the poor. Hack and take money directly from any atm machine vault with the use of atm programmed card which runs in automatic mode. You can also contact them for the service below * Western Union/MoneyGram Transfer * Bank Transfer * PayPal / Skrill Transfer * Crypto Mining * CashApp Transfer Email: dwchzone@gmail.com Text & Call or WhatsApp: +18033921735 Visit: https://darkwebcycberhackers.com

2022-05-13 06:13:05

I NEED A BLANK ATM CARD 2022 , Whatsapp: +18033921735

GET RICH WITH BLANK ATM CARD ... Whatsapp: +18033921735 I want to testify about Dark Web blank atm cards which can withdraw money from any atm machines around the world. I was very poor before and have no job. I saw so many testimony about how Dark Web Cyber hackers send them the atm blank card and use it to collect money in any atm machine and become rich.(DWCHZONE@GMAIL.COM) I email them also and they sent me the blank atm card. I have use it to get 250,000 dollars. withdraw the maximum of 5,000 USD daily. Dark Web is giving out the card just to help the poor. Hack and take money directly from any atm machine vault with the use of atm programmed card which runs in automatic mode. You can also contact them for the service below * Western Union/MoneyGram Transfer * Bank Transfer * PayPal / Skrill Transfer * Crypto Mining * CashApp Transfer Email: dwchzone@gmail.com Text & Call or WhatsApp: +18033921735 Visit: https://darkwebcycberhackers.com

2022-05-13 06:13:05

Gray

I want to use this medium to thank Genuine Hackers who help me with an already hacked blank ATM card that can withdraw $3000 daily. I was surfing the internet and stumbled on somebody testifying how a hacker named John Stoner helped him from being poor to a rich guy through an already hacked ATM card capable of withdrawing some amounts daily. Today i'm also testifying on how he helped me. I never believed in it until they sent me the card which I used. Feel free and contact them via email GENUINEHACKERS000@GMAIL.COM or via WhatsApp +1(260) 218-3592.

2022-06-05 21:34:54

Gray

I want to use this medium to thank Genuine Hackers who help me with an already hacked blank ATM card that can withdraw $3000 daily. I was surfing the internet and stumbled on somebody testifying how a hacker named John Stoner helped him from being poor to a rich guy through an already hacked ATM card capable of withdrawing some amounts daily. Today i'm also testifying on how he helped me. I never believed in it until they sent me the card which I used. Feel free and contact them via email GENUINEHACKERS000@GMAIL.COM or via WhatsApp +1(260) 218-3592.

2022-06-05 21:34:57

Gray

I want to use this medium to thank Genuine Hackers who help me with an already hacked blank ATM card that can withdraw $3000 daily. I was surfing the internet and stumbled on somebody testifying how a hacker named John Stoner helped him from being poor to a rich guy through an already hacked ATM card capable of withdrawing some amounts daily. Today i'm also testifying on how he helped me. I never believed in it until they sent me the card which I used. Feel free and contact them via email GENUINEHACKERS000@GMAIL.COM or via WhatsApp +1(260) 218-3592.

2022-06-05 21:35:13

Gray

I want to use this medium to thank Genuine Hackers who help me with an already hacked blank ATM card that can withdraw $3000 daily. I was surfing the internet and stumbled on somebody testifying how a hacker named John Stoner helped him from being poor to a rich guy through an already hacked ATM card capable of withdrawing some amounts daily. Today i'm also testifying on how he helped me. I never believed in it until they sent me the card which I used. Feel free and contact them via email GENUINEHACKERS000@GMAIL.COM or via WhatsApp +1(260) 218-3592.

2022-06-05 21:36:34

Gray

I want to use this medium to thank Genuine Hackers who help me with an already hacked blank ATM card that can withdraw $3000 daily. I was surfing the internet and stumbled on somebody testifying how a hacker named John Stoner helped him from being poor to a rich guy through an already hacked ATM card capable of withdrawing some amounts daily. Today i'm also testifying on how he helped me. I never believed in it until they sent me the card which I used. Feel free and contact them via email GENUINEHACKERS000@GMAIL.COM or via WhatsApp +1(260) 218-3592.

2022-06-05 21:54:12

Thank to Krypton service i will forever be grateful

Hello Guys!!I am Cindy I live in Chicago USA I am very excited today and do not know where to start my testimony from. I was a poor woman with 3 kids and find it difficult to pay my bills and feed my kids.My husband left me and the kids for another woman and ever since then we were living in pain and hunger but just few days ago i came across a testimony of a man who got a Blank ATM Card from email;kryptonwebservice101@gmail.com or contact +1(904)4524270. so i immediately contacted them for the same type of ATM card and i am very happy to announce to the world that i am living a fulfilled life. This Blank ATM Card can withdraw up to $10,000 dollars and more daily without you having any account with any Bank. I have been able to buy a house and start my own business with this Blank ATM Card.I recommend them for Legit bank transfers and other wire transfers like cashapp, paypal , skrill, western union, moneygram and blank atm cards email;kryptonwebservice101@gmail.com.

2022-06-06 05:44:19

Maria

Hello everyone, I got my programmed and blank ATM card to withdraw the maximum of 5,000 USD daily on any ATM. I am so happy about this because I got mine yesterday and I have used it to get 10,000 USD. Georg Bednorz Hackers is giving out the card just to help the poor and needy though it is illegal but it is something nice. Get yours from these Hackers today! Email: (georgbednorzhackers@gmail.com) WhatsApp or Text: +12623558285

2022-06-08 16:42:30

Lauren Cruz

Hello everyone, I got my programmed and blank ATM card to withdraw the maximum of 5,000 USD daily on any ATM. I am so happy about this because I got mine yesterday and I have used it to get 10,000 USD. Georg Bednorz Hackers is giving out the card just to help the poor and needy though it is illegal but it is something nice. Get yours from these Hackers today! Email: (georgbednorzhackers@gmail.com) WhatsApp or Text: +12623558285

2022-06-08 16:43:09

Thank to Krypton service i will forever be grateful

I contacted the number on the testimony of Erica Johnson ( +1(904)4524270 )Then I requested for a Blank Atm card which was delivered to me in Germany in just three days. I couldn’t believe my eyes and I also confirmed their word which says that I can withdraw up €10,000 in a day. krypton hackers are real because I got my card in just three days as promised when I requested for one, it was unbelievable guy’s trust me this not an opportunity to joke with. Whats App: +1(904)4524270 Email: kryptonwebservice101@gmail.com Contact them to for various types of hacking on: Western Union Transfer Hack MoneyGram transfer hack Blank Atm Cards Bank Transfer Hack PayPal Transfer Hack Cash App Transfer Hack Advanced crypto mining hack.

2022-06-10 07:02:15

Mavis L

i Get my ATM your Card from Digital Card Hacker's Can't just appreciate ☝☝you enough,, digital Card Hacker has been a good help to me and I am doing great right now i order ATM Card of $50,000 which where deliver to me in my country with the password, i use the ATM CARD withdraw it's work for me like magic You can also contact them for the service below * Western Union/MoneyGram Transfer Hack * Bank Transfer Hack * PayPal / Skrill Transfer Hack * Crypto Mining Hack *** CashApp Transfer Hack Email: digitacardhacker@gmail.com Text & Call or WhatsApp: +1(321)779-7817

2022-06-14 03:08:53

BLANK ATM CARDS

I want to tell you about the blank atm card . the programmed ATM card that can hack into all ATM machines. It works with any currency and in any country where you might be living. It is programmed in a way that when a transaction is carried out with the card ,it can't be traced. To make use of this card ,you need no account number or even pin of anyone. It's simple because there is a manual attached that teaches usage ,and also gives more explanation concerning the card." So friends,it's a new year and a new beginning. If you need funds to start up some business,pay up bills and loans or money to live a good life? Then you gotta make this opportunity yours. Though it is illegal as you and I know ,since the government can't satisfy everyone's needs, I have to do what I have to do,to get what I want and for my family to be happy and everyone at large to be the same ..Though this post is not for everybody,but for those who truly need change from a poor state to a wealthy life you can withdraw up to $5800 in a day i have withdraw up to $57,000 in a month now .to get yours contact or whatsapp: +393511788587 or email:: smoothhackers006@gmail.com

2022-06-15 08:12:59

TYRA EDWARDS

i Get my ATM your Card from Digital Card Hacker's Can't just appreciate ☝☝you enough,, digital Card Hacker has been a good help to me and I am doing great right now i order ATM Card of $50,000 which where deliver to me in my country with the password, i use the ATM CARD withdraw it's work for me like magic You can also contact them for the service below * Western Union/MoneyGram Transfer Hack * Bank Transfer Hack * PayPal / Skrill Transfer Hack * Crypto Mining Hack *** CashApp Transfer Hack Email: digitacardhacker@gmail.com Text & Call or WhatsApp: +1(321)779-7817

2022-06-17 07:30:47

Thank to Krypton service i will forever be grateful

BLANK ATM CARD I Lost alot of Money to scammers but not anymore Well, who would have believed this. When I saw a comment by one Erica Johnson , I thought it was one of the Scammers ways to convince someone. Looking at his comment, I saw an element of doubt since he was telling stories. Well I did it 50/50 which means I can’t lose my money to any scammer again. I contacted the email on the testimony of Erica Johnson(kryptonwebservice101@gmail.com ) and I was replied immediately. I was shocked but I didn’t lose my stand. I asked them to give me proof to be sure they are not scammers like others that I have met before and they sent me a proof. Then I requested to get my card which they sent to me in Germany in just three days. Am happy now because I have recovered my cash I lost to scammers. My first withdrawal was $10,000 and I couldn’t believe my eyes until I confirmed their word which says that I can withdraw up $63,000 in a month. https://kryptonhackers.com/ are real because I got my card in just three days when I requested for one. Contact their mail (kryptonwebservice101@gmail.com) for yours. They didn’t scam me. Cindy Laliotis is my name and you can also reach them on WhatsApp: +1(904)4524270 Email:kryptonwebservice101@gmail.com Website: https://kryptonhackers.com/

2022-06-17 08:30:16


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