Turn these 7 Startup Mistakes Into Lessons for Project Success
Mistakes may be unpleasant experiences but they are usually loaded with a lot of lessons. When you want to start a new business project, you have an advantage because you can learn how to succeed by studying the errors of others.
The following common startup mistakes can serve as great lessons for successful business project execution.
1. Adhering to a Rigid Plan
Making a business plan is an essential step for business success. But people get so emotionally attached to their plan that they refuse to make changes when they are required.
This approach is quite dangerous because you will not have all the information about the future while planning - it is a projection based on assumptions.
But when you manage your project with an application like Celoxis project management software, you will have accurate data and valuable tracking tools to compare your plan with the reality. Thereafter, you should modify it appropriately.
2. Beginning With a Broad Set of Objectives
Some plans are so broad that they can't help the project managers to focus effectively. Using few objectives will aid project success. From the onset, you should state what you hope to achieve clearly. Also, ensure that the sub tasks and activities included in the project will not distract you but help you to achieve your project objectives effectively.
3. Ineffective Budgeting
When there is a relatively large amount of cash or capital at the beginning of your project, many people find it a bit difficult to write a good budget and follow it. But you must resist the temptation to overspend because it can have serious consequences towards the end of the project. Prudent spending can give a surplus at the completion of the project, but never assume that you have excess cash at the beginning.
4. Investing Too Much Time in Planning
Some people get obsessed with planning and they want to write out a detailed plan for each day. While this may be desirable in some cases, it can result in a plan that has too many details. Instead of creating a detailed plan that is difficult to follow, you should create a flexible plan that you can adjust when necessary. However, when you need to create a detailed plan for a large project, you can use powerful applications like the Celoxis software for enterprise.
5. Hasty Recruitment
Hiring people requires some time and patience. The people you recruit for your project will determine its success. People are not like machines that you can easily return to the supplier if it develops a fault. So don't allow the urgency of the project completion date to hinder you from carrying out a proper hiring process.
6. Unhealthy Fear of Errors
Mistakes are actually events that teach us more than our successes. But many new startups tend to avoid making mistakes because they want to build a good reputation with their customers very early. Rather than avoiding mistakes, you should develop a system that allows you to learn quickly from them and adjust quickly to avoid repeating the same mistake twice.
7. Not Trusting in Your Instincts
It is important to listen to advice from other members of the project team. But you should not fall into the error of following advice blindly. Make sure you trust your personal judgment as the project manager and you understand the implications of any decision you decide to take.
These common errors can be turned around into lessons that will help you to manage your project successfully. Don't allow the fear of making these mistakes to hinder you, prepare to learn from your errors and adapt your project plans quickly.