The business world can be very fickle. One wrong move can spell disaster for your business. While most established organizations can rebound from errors, that’s typically not the case for startups. More often than not, startups need to get things right. After all, the deck’s stack against you, and as a small fish in a big pond, you’ve got to make sure you don’t give your competition any opportunities to drive you out of business.
The world of psychedelics is particularly fascinating. Although psychedelic use has been prominent throughout history, there has also been a backlash against it. Psychedelics predate written history. At one point in time, psychedelics research was booming in the United States too. During the 1950s, various researchers were studying the benefits psychedelics had to offer. Harvard University even had a program devoted to psychedelic research. Yet, it all came crumbling down in the following decades. The US government classed most psychedelics as Schedule I drugs, making them banned substances under federal law. Research ground to a halt. However, since 1999 there’s been a marked change in the public perception towards psychedelics. Scientific research has resumed on the subject, leading to various discoveries about their benefits. Today, psychedelic medicine is becoming increasingly widespread, and more medical professionals are adopting it. As a result, there are also more psychedelic medicine startups launching.
If you’re running a psychedelic medicine company, you’ll know the numerous hurdles you’ve got to overcome. Considering there’s a minimal margin for error, you’ll be better off learning all the mistakes businesses frequently make so that you can avoid them.
We’ve prepared this blog post to help you navigate through the landmines of the business world.
Mistakes You’ll Need to Avoid Making to Succeed
There are numerous mistakes you can make as a psychedelic medicine company. Here are some to avoid:
Proceeding without Direction
One of the worst mistakes you can make as an organization is to proceed without direction. Companies need a purpose. Hence, they spend countless hours drafting vision and mission statements. A company’s strategic vision defines its goals. Typically, most businesses break down their goals into two categories: short-term and long-term goals. You might have heard of the term SMART goals, and if you haven’t, you need to learn more about it immediately. SMART goals are specific, measurable, achievable, realistic, and timely. For most organizations, nothing causes morale to falter quicker than failing to achieve goals. Therefore, you need to set SMART goals that help you achieve your long-term vision.
According to statistics, 69 percent of startups begin with a single entrepreneur working from home. As your company expands, you’ll have to hire more people. Over time, you’ll realize that you can’t maintain complete oversight of your business. Most entrepreneurs struggle with such situations. After all, when you’ve devoted your time and effort to building a company from scratch, it can be hard ceding control. However, you’ll need to understand that if you hire the right people to help grow your business, you’re going to achieve your goals quicker.
Growing Too Quickly
Another mistake companies sometimes make is growing too quickly. There’s a fine line between not getting the appropriate help and expanding too early. Most companies need to scale to grow. However, if you try to expand your psychedelic medicine company without a definitive plan, you’ll likely cause damage to your brand. We recommend exploring organic growth for a while before you approach any psychedelic venture funds.
Being too rigid in your business approach can often spell disaster. The reality is that the business world requires you to be adaptable. Many businesses have to pivot before they find what makes them tick. For instance, Nokia started off manufacturing rubber boots before shifting to telecommunications. Likewise, Twitter began as a podcast publishing website before it found its lane as a social media network. Succeeding in business requires an open mind and adaptability. Avoid being stuck in your ways and your identity.
Growing Your Company Successfully
Businesses often require assistance and additional capital to help them grow to the next stage. If that’s the case for your psychedelic medicine company, we can help you.
The Conscious Fund is a psychedelic venture capital fund that invests in psychedelic medicine companies. We’re actively looking to fund plant-based medicine companies and products from early-stage startups.
Visit our website for more information.