The one bug mistake entrepreneurs make is encountered in Maslow’s Hierarchy of Needs pyramid chart. Starting at the top of that pyramid with self-actualization with great ideas spoken of endlessly to the bottom of the pyramid of food, shelter and funding, the #1 mistake start-ups make is the need for cash flow. Great ideas exist based on cash flow. Start-ups should base their business on this. This is the last thing an entrepreneur thinks of when starting a business.
Key Takeaways:
- Maslow’s hierarchy of needs is a pyramid showing the level of human needs leading to self-actualization. This pyramid applies to entrepreneurs and start-ups as well with funding in the base.
- The top of the pyramid is self-actualization, which is the pinnacle for an individual but is the starting point for a business. This is where the ideas and though process starts and flows freely.
- The second largest tier in Maslow’s pyramid is safety. Entrepreuner’s tend to not take safety seriously. This sort of thinking must be reigned in and serious thought given to stability for success.
“You may have heard of Maslow’s Hierarchy of Needs – the pyramid chart with five horizontal segments specifying human needs. At the bottom is shelter, food, and funding whilst at the top of the pyramid is self-actualisation.”
Read more: https://insidesmallbusiness.com.au/planning-management/the-1-mistake-start-ups-make
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