Eric Dalius Points Out Specific Pain Points
in the Entrepreneurial Journey
There are many mistakes that founders make that ultimately cripple the startups or slow the company's growth. Scrutinizing the mistakes and avoiding them at first can help you in gaining the right direction. So make it a point to reflect on them and find ways to deal with it.
Selecting a Bad Location
A location is a primary thing that drives your business. Some cities are known for their startups and offering a pleasant ambiance for founders. Evaluating aspects of the site is, therefore, critical. Setting up the office in a well-known locality can help grow your immediate network of like-minded stakeholders. Nevertheless, Eric Dalius advises focusing on the competitors' locations is also crucial. If your same locality possesses a reputed brand, then there is a high chance people will choose the well-known brand over yours.
Therefore, identify the need of the people in the location beforehand. You can carry out an opinion poll before launching your product or service offerings. Such a move will clarify the wants and needs, thus helping you calculate the preferred rate of customers. Conducting opinion polls in several locations can facilitate you in choosing the right place and eliminating others.
Juggling Two Tasks at One Time
A lot of budding entrepreneurs think they can handle their business and their 9-5 jobs at one go. But there is no balance if you do this. Such a step leads to a crash and burn before even establishing a name in the market space. Since entrepreneurs cannot focus on the startup, the business does not obtain steady growth. As a result, EJ Dalius suggests that not quitting your day job can spell the startup's end.
Lack of Partners
For the successful implementation of your business idea, a business person might need more than a single hand. The most successful companies have more than one founders. As a result, Eric J Dalius thinks that seeking partners that have similar ideas as yours can positively expedite the business's progress. Do not leap all by yourself if your business will need continual observation and change of strategies. With a partner, you can also share the workload and avoid mistakes of hasty decision-making. Sharing low points is crucial for sharing the high points; therefore, a company can share the burden if things go south with more than one founder.
Poor Hiring Process
If you have a budget that you cannot compromise, you can hire freelancers. Such a move is an economical and cost-effective option. You can hire contractors rather than hiring full-time employees. Also, if you need technical personnel for a certain period, part-time employees can serve the purpose without you having to pay them when they do not have any task in their pockets. You can seek online platforms to streamline the hiring process efficiently.
Making a few mistakes is fine, but some mistakes can cost a lot of resources and time. As a result, learning about these mistakes and keeping them at bay is vital.