6 Mistakes You Will Make When You Start Your First Company

Everybody makes mistakes. Nobody is perfect. Once you acknowledge those two fundamental truths, you will start to learn from your past. Despite what you might think, you will not be the exception. When you first start a business, you will make loads of errors. That is all a part of the learning process, and so it is not something that you ought to fear at any point. Quite the contrary – there is a whole load you can gain from your mistakes if you are willing to do so. Here are six mistakes you will make when you first start a company.

1) You will forget to train people well

Just because someone tells you that they know it all, that doesn’t make it true. In reality, you have a duty to train people and ensure that they understand the business. If you fail to show people what your systems are, they will spend a lot of time trying to guess how things work. Train people from the start and you will not have this issue.

2) You will think that you know best

When you start a business, you might think that it is all about you. Loads of people go into this stage of their life with that arrogant mentality. You need to remember that other people’s opinions count. You might be the one running the show, but that does not mean that you know all there is to know about it. Everyone has an area of expertise, and so you need to listen to people.

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3) You will fail to assess safety

Safety in the workplace is something that you should always consider. If you never think about this issue, you will have some serious problems in the future. You need to make sure that you assess the safety of each person you hire. If there is something endangering them, you need to do something about it before it’s too late.

4) You will get the wrong equipment

Buying the right things for your workplace is essential. If you fail to do your research, you will waste a whole load of money on outdated systems. For example, if you own a factory, you might buy old machinery when you need a CNC milling machine. It is crucial that you research this area before you buy anything. That way, you will save yourself time, hassle and money.

5) You will misjudge the staff boundaries

If it is the first time you have had to manage a team of staff, you might not know where to begin. It is important that you respect staff boundaries. These people are your employees, not your friends. You might want to chit-chat with them, but avoid getting too personal. If you want people to respect you, you need to make sure that you keep your distance. Once people start seeing you as a friend, they will stop listening to you as a manager.

6) You will lose a client

Okay, this point sounds like a massive deal, but it will be a learning curve for you. There will be a point in your first year of business when you lose a client. You might think that is the worst thing that can happen to you, but it is not. There is a whole variety of reasons you might lose a customer, and so you should not beat yourself up about it too much. Instead, make sure that you assess the damage. Why did you lose the customer? Is there anything you could have done to kept them?

There is no doubt that you will make at least a few of these mistakes. What is important is that you learn from them, rather than dwelling on them.

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