Launching a company requires a solitary mindset.
The Entrepreneur Insiders network is an online community where the most thoughtful and influential people in America’s startup scene contribute answers to timely questions about entrepreneurship and careers. Today’s answer to the question "What are some common mistakes young entrepreneurs make?” is written by Ellen Rubin, cofounder and CEO of ClearSky Data.
Safety is never guaranteed in the startup world, but entrepreneurs often forget this basic truth. They focus on the success of unicorns without taking into account that private markets are constantly changing, or that all startups are subject to high and low cycles. Preparing for the challenges is critical to your company’s success.
Of course, those challenges are part of what makes being an entrepreneur an experience like no other. It can feel like jumping off of a cliff—thrilling, but ultimately painful if you fail to strap on a parachute first. Managing risks, changing direction as necessary, and ultimately remaining true to yourself can be the basis for a parachute that turns your company’s journey from a dangerous risk into an exciting, successful adventure.
As a repeat entrepreneur, I see the same recurring mistakes and misconceptions take root among entrepreneurs and early-stage startups. If you’re preparing to launch a new business, it’s worth learning which are the most common “startup killers” so you can avoid them. Here’s how:
- Throw out the startup playbook
Change is inherent in every industry, but it’s constant for entrepreneurs. Even if you’ve gone through fundraising, recruiting, board management, or a company launch, you can’t expect the process to be the same in a new situation. Entrepreneurs need to relentlessly think in creative ways, expect the unexpected, and adapt quickly.