Starting a business is a bold and exciting thing to do, but it’s also fraught with peril. There are stepping stones to success, after all. Born in 1980, in Moscow, Evgeny Oystacher, profiled by his biography, is the prime example of resistance and innovation on the road to building a business.
Accomplishments including founding a successful electrical engineering brand at just twenty-two years old and becoming a global business strategy expert have earned Evgeny Oystacher a reputation in the tough world of entrepreneurship. In 2002, he completed his studies at the State University of Management. He later attended Stanford Graduate School of Business in 2022.
He is also the author of the book “Scaling, or How to Make Your Business Grow,” which is full of actionable insights for business owners.
Oystacher is a father of three and an avid traveller who has visited over 80 countries while maintaining his personal life and professional pursuits. You can also find him speaking at electrical engineering exhibitions and authoring patents. Having been in the business of building a multimillion-dollar enterprise across 15 countries, his insights are super important for entrepreneurs who want to learn from his mistakes to avoid starting their own businesses.
5 Mistakes to Avoid When Starting a Business
Launching a business can be daunting, but Evgeny Oystacher believes that avoiding these five critical mistakes can significantly increase the odds of success.
- Starting With No Business Plan
Without a solid business plan, it’s one of the most common traps new entrepreneurs fall into. A business plan, less simply, is what you are trying to achieve, how you will get there, and how your finances will follow from it within the next three to five years. If you don’t have it, you will not be a playmaker or you will make ill-informed decisions, fumble your resources, and not get funded. Oystacher states that a business plan keeps you on track and covers how you expect to achieve your goal along with giving investors a way to understand your vision. Regardless of whether you’re creating a full plan or a lean startup outline, you need to know what your goals are, how you’ll analyse the market, and what your funding requirements are so you can stay focused and measure your progress.
- The Importance of Capital is Underestimated
The main reason why startups fail is that they don’t have enough funding. Initial costs are greatly underestimated or entrepreneurs overly depend on personal credit and this can shut down the business before it even begins. Oystacher always advises planning for more than you think you’ll need because you will always have unexpected expenses. A financial buffer can make the difference between survival and failure. There are options to explore, such as savings, bank loans, or a crowdfunding campaign, that can help you build your financial foundation, to help you weather the early days of your business.
- Hiring Too Quickly
Hiring staff to rush to meet immediate demands tends to be a costly mistake. Bad hiring decisions can slow down productivity, raise turnover, and destroy team morale. Hiring slowly and deliberately is important, Oystacher says, and new hires should not only have the skills but also the values and culture of the company. Having a team that complements your strengths and shares your vision is the first step to long-term success.
- Doing Too Much Yourself
In the early stages, entrepreneurs often feel they have to do everything themselves. This may sound too cheap to be true but it may actually turn out to be a downside. Oystacher recommends delegating tasks and trusting your team to do their jobs. Keeping tasks that don’t demand your direct attention can free up time to concentrate on strategic priorities that are essential to running your business. Knowing that you can’t do it all makes your business run more efficiently and sustainably.
- Expanding Too Quickly
If a company is growing too quickly, it may be a sign that success is imminent. However, occupying growth can leave a business without the size or resources to function smoothly. A lot of startups make the mistake of thinking that early success means they will continue to grow. First, Oystacher stresses the fact that you need to be growing at a sustainable pace. Scaling only happens successfully when processes, supply chains, and workforce capabilities are able to handle higher demand. An expansion, strategic and well-timed, avoids overextension and ensures customer satisfaction.
The Successful Biography of Evgeny Oystacher
While some of those strategies may feel obvious in hindsight, Evgeny Oystacher has lived through the best and worst of entrepreneurship and turned those lessons into lessons that will help you hit the ground running.
Evgeny Oystacher’s biography shows that you only have to be prepared and adaptable. A solid business plan, adequate funding, the right team, and a strategic growth mindset help entrepreneurs build resilient businesses that thrive in the face of challenges.
By listening to those who’ve been there, such as Oystacher, entrepreneurs learning from the best can avoid common obstacles and steer their businesses toward a long and prosperous life.