There is one line that say’s “failure is the key to success” which hangs on the walls of every entrepreneur cabin, to motivate and encourage themselves to work harder for their dream company. For every entrepreneur, failure is considered to be a great lesson.
No one starts a Startup to face the failure Everyone wants to success their Start-up, even though many are failing to be entrepreneurs.
According to my view, there are some mistakes which all the entrepreneurs will do. I am just quoting some of the most regular mistakes that entrepreneurs do.
The idea is the Key thing for any start-up/company, the main thing about the start-up is it should be different from the regular traditional business which all will do. The idea needs to solve a common problem. The idea has to be new, fresh, give good revenue, and innovative. The main problem is they will copy the ideas of others, just for the sake of the family or friends. Before they came to any conclusion about starting the start-up we need to research the market.
Every startup or any project to be done in the given time, it should have the best team. In the early stage of starting the start-up, they are in a hurry, that they want to release the product as early as possible into the market. If the team is poor then their decision making is also up to the same level. If the management team is not worthy then the team they are recruiting will be also same. They will not make any research before developing any product, even after developing.
Mentor for the start-up:
If any person wants to go on the right path, need a mentor it can be a teacher, professor, father, brother, and friend. As same as our life, the start-up also needs a mentor, who is the specialist in the industry, having vast experience in the development of the business. Who is very good at making the decision even though in the critical situations, able to guide the total team in the right direction with valid inputs and suggestions? The mentor will help you in the day to day decisions.
Capital funding & maintenance:
Another major issue for the start-up is the capital funding, many will have the ideas but they don’t have money to execute the plans. Even though we got the funding, maintaining the cash is the most difficult task.
The startups will start with great momentum, after that due to capital imbalance they will close their startup or they will run in the losses. The main reason for the capital imbalance is the selling the product with the low margin, the next most important reason is the there will be sales but the revenue will not be produced, it will take many days or months to get the revenue. Capital is the decision maker or you can call it the king of any start-up.
If you are planning for any start-up business model is mandatory, for the smooth running of the start-up. The business model should give the vision & mission of the company. While business model design you need to think about long-term goals. It should give the details of the start-up what it is offering and what not. Many start-ups fail due to lack of the plan.
Service to the customer:
“Customer is the king” if you serve the customer better than your start-up, Your start-up will run or survive in the market. If you are not satisfying the customer then your company will not survive in the market for many years. It may be a service based start-up or the product based start-up you need to give the best service in the market.
Many start-ups are failing because they are not giving much concern about the service. In my view, if one client satisfied with the service then he will produce many customers just with the mouth publicity. It is the most powerful medium of marketing.
According to my view, above results are top in the list for the failure of any start-up.If you found more please share with us.
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