After a lot of thought I have planned to get down to business. Planning to run the show with a couple of batch mates. Just want some experience from your side. Need to know what can go wrong or what you did wrong while having a run at your own startup. What could possibly turn things down?
Any experience can be a life savior for me. Thanks in advance
LAME BUSINESS MODEL. This could be the biggest mistake one can make while planning on running his own show.
Business Model is the foundation of any idea to be successful. A well-thought business model can take you places. Successful startups are based on strong fundamentals.
Work on this the most in the pre-launching phase. Go through questions like what are my resources, ROI Model, Funding Partners, Target Audience, Product Scalability and much much more.
Prep for the launch of your life and streamline your resources. Try and diminish the gap between your thought process and execution and you will be just fine.
I am not saying that sudden abrupt situations won’t occur but you better be prepared with a solid plan.
Run the Cycle. For any startup to survive a flow cycle should be completed at any cost. What most people do is that they keep their prime focus on the product and completely ignoring the sale of the very same product. This is the biggest reason for any startup to fail. It is equally important to keep the product running in the market.
“Instead of getting it perfect, Get it done”
Hurry in Expansion can get your start up in deep trouble.
This is what happens to many startup founders, they either expand themselves too early or get involved in a 2nd startup without letting the first one mature enough to sustain.
Expanding without being prepared is dumping your resources to waste. Manpower, time and money nothing goes up to its optimum level.
Startups don’t go big overnight, they gradually build up. Make sure to lay strong foundation before moving forward
My only advice to all the newbies in the business is to have an ample capital while setting up business. Ample capital means an additional 50% over your estimated capital requirements. The major reason behind most failed startups is lack of funds. New business owners often underestimate the value of keeping a track of the required money to run the business which results in a shortage of funds and led to failure.
Some of the most often made startup mistakes are:
1. Not running market research that is adequate
You may have a fantastic product idea and you can’t wait to execute it. However, you have to conduct market research to know whether there is a market for your product or not.
2. Hiring the wrong people in your team
If you pick the wrong people to be on your staff, your organization will have to pay for it. It has been found that most business failures are due to people issue than the financial crisis.
3. Failure to adapt to changing markets
Startups that fail to adapt to shifting consumers, technology, innovation, and advertising techniques can no longer survive in this competitive and dynamic world.
Hiring badly!!! It’s probably the most common mistake startup founders make.
New startups often start hiring people aggressively and too soon without analyzing them.
Hiring process has to go slow, and every candidate needs to be analyzed properly. Don’t hire interns in your early days because you would then be wasting your lot of time and resources in training them.
Every startup needs to begin with the strong layout of objectives that needs to be achieved. Before starting the business it’s important to analyze the competition, a complete market research is important before entering the market. It’s necessary to spend money intellectually and keeping stable amount of funds for emergencies. Also most importantly, a unique selling proposition should be attached to the product or service that needs to be innovated with the dynamic environment.
Never be afraid of failure, cause failures are part and parcel of life!
“The biggest mistake you can make is to be afraid of failure. Failure is the key to your success, and jumping into your fear is very positive for your future business. how you pick up after failure and learn from your mistakes is the key to great success”- Audrey Darrow
I think this quote by the President of ‘Righteously Raw’ sums up everything!
Before starting your business you need to be careful about few things:-
1. You have enough capital to start your business.
2. Careful allocation of budget and other resources.
3. Focusing on the quality of the product or service.
4. Understanding the competitive landscape.
5. Hiring the right employees.
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