Startup is an amazing journey. It has a lot of ups and downs. At times startups do many mistakes. These mistakes can happen at any point of time. Mistakes may be unintentional but these gives startups really hard time.
Some of the mistakes startups make, I am notifying as below :
- Lack of planning: I have time and again stressed on the importance of planning for an entrepreneur or startup founder. Planning is defined as blueprint of future action. If you do not plan your future action will not be proper. Benjamin Franklin has rightly said: “If you fail to plan, you are planning to fail”!
- Not making team: Many startups are reluctant to make a team. They wanted to do all the work themselves. Every person has got limitations hence those startups are struck by the limitations. At time startups get worried about the cost owing to team raising. But one cannot succeed without a team.
3. Not delegating: This is another mistake which startup founders at times do. One cannot do every work himself, so delegating is the key. One need to properly allocate the work to the next person in command. This makes the work smooth and easy going.
4. Improper cash management: Cash management is the real for the business. If the cash management system is not proper in a business, that business might suffer loss at any point of time. Cash management must be done on regular basis. Regular scrutiny should be also be undertaken for this. Improper cash management is a blunder in business.
5. Lack of innovation: Startups must keep innovating on a regular basis. Market is ready to grab on new product as per the demand of available. Old products at times do not move well in the market. New products which offers new solutions to the problems persisting, gets welcome. If a Startup fail to innovate their products on a regular basis they are found to lag behind.
6. Improper marketing: Once you make the product, it is important to make the market aware of what you are doing. This is done through the process of marketing. A Startup founder must to a proper planning for marketing. If the marketing process is not done well, product will not move properly in the market. This will affect the sale of the product. Which in turn will affect the revenue of the company. Hence proper marketing is the key. Improper marketing will lead to trouble in long run.
Hence a startup founder must make sure above mentioned mistakes should not be done.