A great idea can change the life but the million dollar question is, how to find a great idea. Now-a-days, every person is full of ideas which can work as a money making machine. They want to be their own boss by starting their own business. But this is not every person’s cup of tea to turn one idea into the success tale. It requires lots of dedication and patience to observe the failure. Only 10% of the ideas can be turned into startups. The half of the ideas don’t able to face the cruel reality of the world. They won’t be able to survive even a day.
While most of the startup ideas can be found in the dumb ground with broken pieces of many hearts. There are numerous ideas, which were firstly discarded to the bin, such as IBM thought that there is no place for PC operating systems, Microsoft never believes in the big future for search engines and browsers and Google never believes in the success of social media. But today we have all of them working great and improving our life for day to day usage. So NO idea is great or small. Everything depends on your startup execution. Here are things you must be aware to avoid mistake to stop your startup from failing.
20 Common Mistakes to Avoid in Startup
Today we are going to understand the 20 common mistakes that any startup owner could do and that lead them to the startup failure. So buckle up your belt entrepreneurs and add following points into not to do list. These points are formulated by CBInsights after examining every factor critically.
- The every startup owner wants to come up with a unique idea or product to sell, as they assume that it will boost their sale. But my lovely fellas forget one thing that, if there is no market for the commodity presents then whom will they sell the product and it’s very time-consuming task to create a new market for the product.
- The new startups usually have a low budget. The startups face the biggest issue to handle their limited cash and make its optimum use. The most of the startups fail because they ran out of cash.
- The most important part of any new venture is it’s workforce. So the other problem that new startups had to face is to hire competent employees. The team that startup owners hire should be on the one basic ground that they have to be as passionate about the startup mission and vision themselves.
- The new startups have to face the competition from the existing firms and most of the startups fail to compete with the already running businesses.
- The relationship between the cost of commodity and it’s price is very vital. The 50% of the new startup owners somehow fails to establish this relationship. Some might fix the price of commodity to high and some fixes to low. The proper balance between the price and cost is essential for success of start-up.
- The quality of product is the key element for the success and the startup owners who don’t put emphasis on the quality of the product, would not able to survive a day in the market.
- The business won’t be able to survive without a proper business model a day. Most of the startups fail because the business model isn’t appropriate or insufficient to achieve the business objective.
- Marketing is the main elements of modern business. The startups need to build amazing marketing strategy in a limited budget and the startups which fail to formulate an aggressive marketing strategy well you get my point right.
- Customers are the king and their demand is your command. The business owners who forget to cater the needs of customers, well you can say that they fail miserably and have no chance of survival.
- Likewise, the focus of a startup owner should be clear and their mind should work on the growth of the business. The startup founders do the biggest mistake by chasing different ideas at once and in the end, all ideas got doomed.
- The startup founder is the leader of the whole project and one of his wrong decision will doom all the efforts.
- The timing of launching a product into the market is very important. The most of the new bees forget to calculate it and this lead to their fall.
- Disharmony or miscommunication among the team members is considered to be a major reason for the failure of startups.
- The passion towards the project and zeal to work hard makes the start-up successful. A little less passion can destroy the all game in seconds.
- The location of the project should be selected very carefully. As a result, many startups had failed because of bad location choices.
- The startups who fails to capture the interest of investors have very tough chance of success.
- There are numerous legal formalities that required to start a new venture and most of the startups fails in this area.
- The owners burn out all their energy in the beginning of the startup on useless things that in the end they have nothing left, which leads the path of failure.
- Almost, the startups fail due to the overconfidence of the owner, as they didn’t took the advice of the experts seriously.
Hence, the last mistake made by startup entrepreneur is that they fail to lead the team and the failure to pivot destroys the healthy startup idea.
Although these are a few common mistakes that startup entrepreneur do, which turns the game for them. Now don’t get disheartened fellas, as I won’t leave you hanging without giving you some solutions to re-emerge your startup.
Startup Failure to Startup Success
"I haven’t failed, I have found 10,000 ways that don’t work ."
─ Thomas Edison.
With this beautiful thought let’s find some solutions. There are numerous advice given on this topic at Oxford University on the "Dumb ways to die.” success can be improved by:
- Targeting a potentially big market at the right time.
- Solving a real, not imagined problem.
- The trait of success means having a clear, simple business model starting out.
- The High-quality founders, who have a history of working together setting up. Rather, they should actually be passionate about the problem because lots of startups fail because of some silly reasons.
- Thriftily Spending.
- Make sure there’s demand in the market.
Evaluate Yourself for Startup Success
Moreover, the entrepreneur should ask themselves a few queries before launching a startup for the first time, likewise
- Why do you think your Startup should be successful?
- What are the unique traits of your startup?
- What is the estimated cost of promotions?
- How do the revenue projections look like?
- What is your marketing strategy?
- How will you make customers interested in your product?
Finally after examining all these questions I think you will know the reason that might fail you. Although the success and failure are both sides of one coin, so take decision wisely when you have a plan to launch startup. Avoid the mentioned mistakes at any cost. However, not every startup get the success like Yahoo, Amazon or Flipkart but still every startup has potential in it. So be smart and launch your startup with smartness.