Setting up a startup is an easy task as several people have done this. However, is it easy to sustain your dream venture for long? No as many who have tasted defeat will tell you. They made some mistakes which could have been avoided to scale success and make a mark in the business world and reach the top.
So let’s list some of the common mistakes that led to the failure of the startup ventures says Jignesh Barasara.
Doing everything by oneself. You will overwork leading to fatigue and loss of energy at a faster pace. So depending on the size of your venture have assistants for all the works at the startup. Assigning work to others and sharing responsibilities will reduce your burden and you will have more time for planning.
Not adhering to punctual time schedules can lead to an easy downfall as targets and timeline may not be met and can be cause for losing customers.
Not holding others accountable for some grave errors can ruin your chance for startup success. Anyone who has done a mistake has to own up, rectify and not repeat it including you. Otherwise, you can forget treading the success path.
Starting a business just for the heck of it. You need to have a genuine interest in your startup and what you are offering. If it is just a spur of the moment upshot, then you may lose interest in its development and growth. Is this reason not enough for its demise?
Too much immersed in details can lead to failure easily. Perfection is always the ultimate but not in the initial stages when trial and error method, especially at the designing stage, is being followed. So have some compromise at the start otherwise your startup will never see the light of the day and will remain only on paper. There is room for improvement and do it gradually to perfect it at a later stage.
Hiring too many people at the start can call for an early fall.
You may not be able to make a profit in the initial stages. Then there won’t be enough funds for the people on the payroll after a couple of months leading to chaos and dissatisfaction. This can stall your success.
Starting with too little capital is risky and can lead to a stagnation stage. This again gives room for shelving success.
Not exactly knowing the customer needs and doling out products that have no real demand cannot lead to a successful startup venture for long.
Not having a proper strategic planning at the initial stage is not a way to set up a startup. This is a sure shot path to failure as in the midway you will be gasping for ideas and planning which may not be available.
This is not an exhaustive list but keeping these points in mind you will know what mistakes not to make your entrepreneurial dream a success.
