1. Starting up for the wrong reasons!

It is very important why you wish to start something. I heard someone say I am starting my own business so that I have more time for myself. My response to that was: ROFL!

Starting your own work, be ready to work happily 24X7! You will not see your friends and family often, you will have to work on Saturday nights, while your friends party hard. Be prepared for the drill, which will be much harder than a job.

While others enjoy a vacation at a beach, you will hardly find time to sleep.

Discover your passion and identify a real problem that you will be solving through your start-up. Start with purpose and commit to it, with all you got!

2. Missing out on the opportunity in their pursuit of perfection

Once you have identified the purpose and have set a goal for yourself, just start!

You don’t have to have the perfect product from the first day of launch, rather, be prepared to refine your plans and the product as you learn from the market and your users.

Build a product for your users, considering and incorporating their feedback.

3. Succumbing to the pressure to succeed with a deadline

First-time entrepreneurs like myself, feel the pressure of living up to the expectations of their peers and family, as the common belief is that all successful founders are prospering and make tons of money as their business is thriving.

But the truth is that at times, we survive the day by pushing a dozen setbacks and with no compensations for months, to see our business flourish.

One shouldn’t succumb to the pressure of succeeding from day one. Entrepreneurship is hard and even harder for a bootstrapped startup.

Just stick to your goal and have an unconditional commitment to your dream.

4. Picking the wrong team-members

You can never be a loner in something big you are going to create. The crown you will wear belongs to the entire team. So, in order to get that crown, choose your team wisely.

You need wise and dedicated people who understand the business and are passionate about your dream. Hire for their dedication and perseverance.

A right team supports your startup like a pillar and the wrong team can be the reason for its collapse. Choose wisely!

5. Keeping secrets

Share your dream with the entire team and let them own a part of it. You can never gain your team’s trust if you keep secrets from them and if they don’t understand your dream entirely.

Only when they own your dream like theirs, they will be able to develop that passion and deliver results.

6. The imbalance between Courage & Caution

Being an entrepreneur requires courage and you should win your inhibitions to take the plunge. However, at the same time, you need to act with caution, keeping your dreams, interest of your team & business at the core.

It is important to safeguard your team as you venture in the wild world of business. It is important to plan but at the same time, it is also very important to have the courage to try new things and execute the plans.

A room with a whiteboard and a marker can never teach you what you learn from going there and actually doing it.