Startups are not easy to set up but the tough things involved in getting a seed fund or steering a start-up to success makes you conclude that founding one is the easiest part of the story. Now right after the startup is established, the ideas begin to flow in hordes and you are confused about the next best step to take. In this span of time, more often than not, most startups make mistakes that prove to be too costly for them in the end. Take a look at the top mistakes a startup has to avoid to stay afloat in the long run. Once these mistakes are made, there is nothing but regret on charts. However, thinking with a level headed mindset and going by the rules will make you play better. as a startup, you might be prone to make silly errors but then the bigger mistakes are best avoided when you have the scope to dig right. Planning is the key here. No amount of extreme enthusiasm can save your skin once you take a wrong decision. The key lies in etching a balance.
Overestimating The Capacity
Now that you have even landed your first client and a big one at that you must be in a celebratory mood. However, you must make sure that you do not get disorientated having simply got a huge order. The startups that get overly excited and fail to see the reality are those that fail the earliest. Take things slow and avoid blowing up investments or funds in a bid to appear exclusive to the first big client. Take things at a pace you can afford and that is within the perimeter you have lined out for your business. Alexa Von Tobel says, “As an entrepreneur, you have to be OK with failure. If you’re not failing, you’re likely not pushing yourself hard enough.”
Lack Of Social Media Presence
This is a common mistake that startups make. They are barely present on the right channels and even if they have those Twitter or LinkedIn accounts, they expect a rush of followers or activity at once. The trick is to think of this as a slow cooker since the time invested in promoting your startup online today will lead to results in the long run. You cannot expect a quickly cooked steak can you?
Trying To Heap Too Much On To One Individual
As a founder, the startup begins with one person—YOU. However, you cannot take everything on yourself. You have to add variety and work in a unified force when doing business. Try to maximize the profits but make sure not everything goes into the profit fund. Your initial years will be spent rolling the profits as investments—into the staff, equipment or even activities for the startup.
Once you get the flow of a startup, it is easier to avoid these easy-to-make mistakes. Make sure you take every step with ease– sans the rush to make it big in a jiffy!
No comments:
Post a Comment