Monday, 16 October 2017

5 Mistakes To Avoid in New Startup

The statistics are grim that every entrepreneur knows very well. There are many factors that are responsible for failed startups. However, if we know the missed out factors or those mistakes that we can stop at the earlier stage, there are chances that we can see most of the startups at the success level. Mistakes make man perfect and so does business. 

5 Mistakes To Avoid in New Startup

startup mistakes
Some mistakes are inevitable that you cannot escape from making them.Entrepreneurship and mistakes are inextricably intertwined. So that, in startup success, the lesser the mistakes, the more success you likely to get. Here, we have listed top 5 mistakes that most of the startups face but don’t realise the amount of loss they will make. So try to avoid them.

1) Less Focus on Market Research

Many startups begin with a great product research but fail to research the market condition. Before launching, get to know your market, listen to customer feedback, and create a plan so your product reaches to the right audience efficiently.

2) Focusing on making lots of money

Do not set your goal for making money. You will fail in startup if your primary goal is to make millions in a year. First, decide what your mission is. The money will automatically come if your mission is to create the best business or make the best possible product.

3) Getting the Wrong Hiring Process

Wrong hiring process includes hiring too late, hiring too early, or hiring the wrong people. It is indeed difficult to find the right people at the first interview round because everyone instantly becomes a right man for the job. Every hired person should know the purpose and vision behind your startup. But many times those people do not understand the vision behind your startupand it can be very destructive. Do not hurry while hiring the employees. 

4) Launch without Marketing Budget

In starting, you don't need the people who are taking products to the market and sell them to give you money. You are intended to spend all your capital on manufacturing and other processes without setting aside the fund to promote the business. As a result, entrepreneurs are lack of funding for marketing and advertising. Ultimately, they wind up the whole business by losing on products that nobody wants to buy. 

There is no free lunch in this world. So, you cannot rely on mouth publicity or free media advertisement that will ready to listen to your story. Your story must be worth being advertised. 

5)Negative Business Relationships

Every entrepreneur is a positive thinker and that’s why he becomes what he is. Positive thinking makes them open to take the risks. However, the most positive entrepreneurs also can be discouraged at some stages. Get rid of from those people around you who oftentimes remind you the rates of startup failure. If this is happening with you, you are with the wrong crowd. These people could be your business colleagues, close friends, family members, friends, etc. Stay away from such negative people and make your think-tank full of positivity.

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