Here at Tales of a Start-up, I wanted to go through some of the many challenges and successes that I faced when I first opened my start up company. If you have your own start up, then you will be partially aware of the many issues that I faced when I wanted to get my companies feet off the ground.
Creating and successfully running your own start up company is more difficult than you may think, despite how experienced you may be within your field or business market. When you first create your start up, it will most likely be in a market or industry that you already know, so you will feel that you do not have much to learn. This is the first big mistake that you can make, as there is always something new worth learning for your company.
Ignoring any chance to learn new pieces of information regarding your business is a key way to ensure that your business falls before it has even begun. You need to learn as many new things as you can for your business, as you will quickly find the marketplace passing your experience by. There will always be innovations, and the best companies are those that replicate those innovations the first chance it gets, or they are the companies that create and innovate first.
The modern classic example of this would be a company such as Woolworths. It was a household name in every western country in the world and was for the last 50 years of its trading life. Now, there is a generation that has no idea of what Woolworth is, because they could not innovate like other supplies have such as Amazon. They also refused to replicate the model by not delivering their many items without charge, putting the nail in the coffin.