No words can describe the joy and sense of accomplishment that you may feel if you finally launch a business that was once a bunch of brilliant ideas in your head.
However, it’s not time to put down your tools yet; the infancy stage can be a vulnerable period for your enterprise. While the potential for success is exhilarating, even one pitfall can take you back to square one. Understanding and avoiding these common mistakes can significantly increase your chances of long-term success.
Overlooking market research
The realization that you succeeded in converting ideas into a business can easily make anyone overconfident. It’s natural to feel like the world is now yours for the taking. However, it’s crucial to remind yourself that every business operates within a market. Knowing the market you’re entering with your new enterprise can be beneficial.
Thorough market research can help you learn how to modify your business to serve the customer base you’re targeting with your offerings. Research can also inform you about other businesses in your market that are targeting the same customer base you are. This way, you can better understand how to present your business uniquely and earn a reasonable market share.
You also want to note down the market trends that can help you increase your profit and expand your brand reach. With this wealth of information, you can minimize the risk of misdirecting your resources when your business is still new.
Ignoring intellectual property (IP) protection
It’s easy to forget the value of intellectual property during the infancy stage when your mind is preoccupied by many other tangible components of your startup. However, it’s crucial to remind yourself that IP is what makes your business unique and appealing to your target customers.
Without your groundbreaking products, unique services and innovative software, many customers would most likely buy from another business. That’s why you should secure your IP in the infancy stage. Otherwise, one day, you may wake up to IP theft or duplication, and there’s little you can do at that point.
Familiarizing yourself with business operations as a newcomer in the entrepreneurial world can be both exciting and challenging. By working with a trusted legal team, you can better ensure that you avoid costly mistakes that could hinder your startup’s potential for growth just as it’s taking off.
