Leaders Perception Magazine is currently running an interview series called – What Are The Top 5 Mistakes People Make When Starting A New Business?
Today, we had the opportunity to interview Carolyn Young who is a Business writer at Caorlyn Young.
Interviewee Name: Carolyn Young
Company: Caorlyn Young
Carolyn Young’s favourite quote: “All truly great thoughts are conceived while walking.” – Friedrich Nietzsche. It may seem odd, but I’ve had all my best ideas while simply walking and having nothing to do but focus on my steps and my thoughts.
Thank you so much for joining us today! Tell us a little bit about yourself. What is your backstory?
Carolyn Young : I was an independent business consultant for startup companies and have created numerous business plans for startups. I also wrote and developed a full program of entrepreneurship curriculum for an online education company, which was used in colleges internationally. I’ve also written proposals for international development projects.
In your opinion, what makes your company stand out? Any examples?
Carolyn Young : 2. Generally, what makes a company stand out is the connection they’ve created between their brand and their customers. A prime example is Nike. Customers are very loyal to Nike because they connect with their messaging which is inspiring and motivating.
What are the TOP 5 mistakes people make when starting a new business? Please share advice/examples for all of them.
Carolyn Young : 3. Top 5 mistakes startups make:
• Not creating product market fit – Many startup founders come up with an idea and build a company around the idea without testing the market first and they end up with a product that no one wants. I was involved in a startup company once that was an online marketplace for a certain market. They did not do any market testing (against my advice) before raising capital from family and friends and built an entire business, and the company died because there simply was no market for it.
• Underestimating startup costs – Many startup founders do not thoroughly research their startup costs before jumping in. They end up not being able to fulfill orders because they don’t have the funds for inventory or customer support.
• Not knowing their market – If you don’t know your market, you can’t create a marketing strategy that works. An effective marketing strategy specifically targets an audience, and bases the messaging on the needs and wants of that audience. By not knowing your market, you’re just spinning your wheels while spending money on marketing strategies.
• Trying to raise capital too early – Many entrepreneurs think they have the next big thing and take it to investors too early. They spend enormous amounts of time and effort trying to get capital rather than focusing on getting the business off the ground and gaining enough traction to actually interest investors. Nine times out of ten they don’t get the capital they’re seeking.
• Not pivoting – Most entrepreneurs are visionaries. They have a big idea that they’re convinced will work and no one can tell them otherwise. When it doesn’t work, they double down and keep trying, spending more money, when the market itself is telling them that they’re wrong.
Leaders Perception magaizne would like to thank Carolyn Young for the time dedicated to completing this interview and sharing their valuable insights with our readers!
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