Building upon an idea for your startup and actually materialising it into a fruitful business is by no means an easy task. The amount of time, money and effort required to spring an idea to life is overwhelming and therefore, you don’t get the opportunity to do it all over again. Different people work in different ways, and as an entrepreneur, you are allowed to make adjustments to your routine and every day schedule according to your strengths. Sometimes, however, we indulge in activities that aren’t really relevant to the progress of the startup, and it’s a mistake that can be costly. So here are a few time wasters you must avoid while building your own startup:
Lack of objectivity in the implementation plan
An implementation of a plan should ALWAYS have some extent of objectivity to ensure measurable progress on a day-to-day basis. For instance, if you plan on finishing the website prototype of your ecommerce startup by six weeks from now, it shouldn’t just end there. Don't spend too much time perfecting elements of a product that haven't even been validated in the market yet. It is very important to have this bigger objective broken down into smaller ones like, for instance, week-by-week or fortnightly progress.
Lack of a well-defined timeline
It is one thing to add objectivity to your goals and markers, but it is another to have a well-defined timeline right from the start. A well-defined timeline gives you a vision and ability to be better prepared for anything that might come your way. It is not always about being the fastest but it’s definitely about defining the pace you should move at.
Documentation and legalities: doing everything on your own
In any startup there are many support functions to be taken care of apart from the core business. If you have a prior capability in support functions such as accounting, documentation, and legalities, it is an added benefit. However, outsourcing support functions is usually considered to be a good strategy as it allows you to concentrate on the core business, which nobody knows better than YOU!
One mistake that most startups make is saying yes to everything that comes their way in hopes of making more money. However, the end result is almost always the opposite, especially if they lack the expertise or do not have the time or manpower to work on the same. It is only wise to say yes to projects that you can successfully deliver. Say an outright NO to anything that can distract you or your team from your key goals.
Clearly, the task of building a startup is overwhelming for every entrepreneur and one can easily feel lost in process. These four simple time wasting strategies when avoided can, however, improve the probability of a successful implementation of the startup idea. Most of the entrepreneurs keep their focus on the monetary funds for their startup and tend to ignore the biggest asset, which is time. A late entry into a market can significantly dent your business and therefore, one should really try and make the most of their time to stay ahead of the curve.