Airbnb is probably one of the most inspiring startup success stories. Founders Brian Chesky and Joe Gebbia launched the site in 2007 after moving from New York to San Francisco and noticing an influx of visitors during an industrial design conference and a lack of available hotels. Today, Airbnb is worth nearly $3.4 billion. So, if you are a new entrepreneur, it is important to take a step back and avoid some common blunders plaguing your businesses. Making the right decisions early on can help you avoid major headaches later on!
Not making a business plan
This is a detailed document that outlines a company’s objectives and how it intends to achieve them. A business plan is a written roadmap for the company’s marketing, financial, and operational goals and is used by both startups and established businesses.
Many inexperienced entrepreneurs fail to create a business plan. Still, it is crucial to make some time to create one. It will help you maintain consistency in your efforts, serve as a rallying point for your team, and provide milestones to measure your progress.