Half of all start-up firms fail before reaching the 5 year mark but being aware of and avoiding some common mistakes can increase your chance of success.
As a woman business leader, you know launching an enterprise takes commitment and hard work. It also takes a sound strategy and the awareness needed to avoid common pitfalls.
In a recent Forbes.com article, Shaun Rein, founder and managing director of the China Market Research Group, a strategic market intelligence firm, shares 3 common mistakes entrepreneurs make and techniques to avoid them:
- Build your brand: When you launch a new business, it’s easy to become so focused on delivering your product or service that you neglect to cultivate your company’s brand. But defining your company’s identity is critical to your success. Nurturing your company’s brand can take many forms. For example, you might choose clients with an eye toward establishing credibility in key sectors. Make sure you consciously consider brand-building in your overall business strategy.
- Conserve resources: It may seem like an obvious point, but too many start-ups spend cash reserves that could otherwise see them through hard times on items they don’t truly need. Rein advises entrepreneurs to triple-check expenditures and shares ways his firm saves cash – by negotiating leases to take advantage of previous tenants’ renovation and office furniture, using Skype to handle telecommunications and offering electronic versions of marketing collateral rather than costly printed material. Look for ways to trim costs to keep as much cash in reserve as possible.
- Stay healthy: As a woman business leader, you know running an enterprise requires long hours. You’re willing to push yourself to succeed. But it’s important to not become so overwhelmed and stressed out that your health suffers. Make time to unwind and get regular exercise to avoid burnout or developing serious health problems.
Launching a new enterprise takes courage, determination, creativity – and common sense. To beat the odds and find success, make sure you focus on establishing a solid brand, maximize your reserves to get through tough times and stay healthy.
You can read more about Rein’s recommendations here.