Any new startup is like a baby that needs nurturing and care till it is capable of taking care of itself. Once the business gets rolling, it will be an independent entity that may require strategies but no hand-holding through the implementation of strategies – There would be experienced team ready for these strategic challenges. Startups have everything fresh and challenging – A Fresh idea, new team, budding entrepreneur, and apprehensive customers. This is the reason why about 9 out of 10 startups fail at their budding stage and are killed before they are actually launched.
Startup is an idea that waits for the right implementation – This is where the challenge lies!
If you are the budding STARTUP aiming to fall in the 10% who survive – Don’t commit the 5 fatal mistakes given here.
MISTAKE # 1 Investing entire capital at one go
REMEDY – Test the success and then invest
Don’t be overambitious while investing in startup as you will end up losing everything IF SOMETHING GOES WRONG! Take one step at a time to invest capital in executing your idea, so that you will have chance to explore new ways if the one you started is not working.
Any startup breathes its last when it runs out of cash and you will have to avoid that to keep growing. Procure enough funds before commencing your race towards success. Invest in each phase but hold the funds for the next phase – DON’T LET YOUR STARTUP FAIL DUE TO LACK OF CAPITAL.
MISTAKE # 2 Hiring all-rounder and saving money on expertise
REMEDY – Pay for the expertise but also hire few all-rounders
Hiring an all-rounder is not at all a mistake as the startups will require people who are flexible to take up challenges and work in all segments. There should be no role barriers in startups as less people need to accomplish more work, but at the same time you need to pay for the expertise.
Know your weak areas and hire the expert to overcome the initial hitch. Paying to the expert would always add to your growth but don’t end up hiring only experts as you would need people at ground level too.
MISTAKE # 3 Overcommitting and under delivering
REMEDY – Commit what you can, deliver what you commit!
It’s good to get orders but not before you are ready to deliver. You can grab orders and customer attention by committing them all that they are looking for but the problem arises when you are not able to deliver what you commit! Check your resources in terms of MONEY – MATERIAL – MANPOWER before committing it to your customers to avoid overcommitting.
Under delivery is always a matter of distress for the customers and over delivery is always the mater of CUSTOMER DELIGHT. Work for the customer delight by delivering what you commit or commit only what you can deliver.
MISTAKE # 4 Believing that you know all that your customers want
REMEDY – Question all your moves from customer’s perspective
You might have carried out lot of research before making this idea a reality, but still believing that you know the market and what customer wants is a SUICIDAL MISTAKE FOR A STARTUP!
This happens because you roll an idea that you assume to be – SUPER BUSINESS IDEA. You invest money, material, and manpower to develop this idea into a product. This may take good amount of energy and time, but when it enters the market you realize that this idea has no market in the location you rolled it or may be the idea has no market at all! You can divert your resources in this case to another idea but only if any resources left after executing the previous one and hence your startup will suddenly – BUCKLE.
In order to avoid the situation, question each move you make from customer’s perspective and you will know where you are going wrong before it is completely wrong – STITCH IN TIME SAVES NINE!
MISTAKE # 5 Launch – Either too early or too late!
REMEDY – Find the right time
Launch that is too early or too late would take away your startup charm. Sometimes, many startups fail because they launch their products before being ready to handle the enquiries and orders. They would not deliver at all or opt for poor delivery, which would affect their reputation, sales, and longtime existence.
Late launch is also not recommended as you will have your rivals ready to grab the market share. Again your idea may lose the uniqueness if you wait very long. The initial enthusiasm in your team will also fade away in your team and most importantly you need to start getting returns to sustain.
Find the right time to launch when you are ready with resources or set up a deadline and start working towards a successful launch.
Your startup is meant to grow but in case you fail then don’t give up as there is always another chance waiting for you, all you need is BURNING DESIRE TO SUCCEED!
Writing is not just the profession but it is the passion that keeps me going! This is my way of meditating as I vent out my emotions, thoughts, and knowledge via this amazing medium called – WORDS. With about 9 years of experience in delivering unique and engaging content, I have learnt one thing and that is “There is no end to learning, every new topic is like an encyclopedia” – Happy Writing!