I have recently came across an article about this topic that I think you should take a look https://www.comidor.com/en/blog/cloud-technology/10-do%E2%80%99s-and-don%E2%80%99ts-for-startups
Mistakes are obvious when you are starting something of your own, but the important part is that whether you are learning from them or not. Some of the most common mistakes made are:
1. Estimation of Time and Money.
2. Target Market estimation.
3. Lack of Patience as they want to make good money very quickly.
4. Discouraged when the cash flow goes in negative during the start of the venture and most of the start-ups shut down during that phase.
5. Lack of understanding that it takes time for anything to grow, their might be scenarios and examples where Business has grown in a month but that's one in a thousand cases.
6. Not giving a lot of time to "Go-To-Market Strategy".
In a word... INCOMPETENCE...
Many common mistakes;
• no clear purpose
• starting without a vision
• starting without a plan
• not enough capital
• failing to focus on revenue generating activity
• not knowing their target market
• not knowing their ideal client
• too afraid to fire a client
• forgetting about life time value of a client
• buying from the wrong vendors
• not looking at the relevant numbers (especial the financials)
• Cost of goods over runs
• carrying too much inventory
• not having enough inventory
• poor activity management
• selling to the wrong customer
• poor customer service
• hiring the wrong staff
• hiring too fast
• firing too slow
• poor leadership
• crap sales skills
• scaling too quickly
• and the list goes on and on and on and on and on...
so like I said... in a word, INCOMPETENCE... they don't know what they don't know and for some reason they're not asking for help from the right people.
Being overly optimistic about the product/ service and anticipated demand.
Waiting too long for something to happen without any change to the original or initial strategies
"The Five Stages of Business Growth and Development" (Churchhill and Lewis. Harvard Business Review) provides a great overview of the problems and challenges that entrepreneurs face as they move along the continuum from startup through maturity.
Doing for what can be done for you. No need to reinvent the steering wheel. Business services can be expensive. Many first time entrepreneurs try to do everything themselves when they should be focusing on how to establish themselves as an expert in their field.
Underestimating all the unfamiliar hats you will wear and, for some, giving up too soon. Perhaps bigger than those, not having a reason beyond yourself for doing what you do. Allowing you life to get out of balance; don't lose sight of what is most important to you. Forgetting we all make mistakes; they are our best teachers.
The biggest mistake that I have seen, unfortunately in more than one company, is that the first time entrepreneur gets emotionally involved in "their baby", to the extent that they no longer make rational decisions.
There is a major difference between having the desire and the enthusiasm to drive your project and being blinded by being too involved.
Many would say that this inability to focus on the really important aspects negate you from actually being an entrepreneur by definition.
I find this closely related to the people I meet who think they have "made it" because they are the CEO of a company of 1 (themselves).
The one truism is to be an entrepreneur check your ego and your feelings at the door.
Lack of a good marketing plan.
Underestimating investment needed
Depending on size of a start up, not hiring qualified talent required for the organization