From bizarre to brilliance, the only predictable thing about startups is the unpredictability of their existence. Brave entrepreneurs wield the baton and conduct proceedings with a smile. However, a small, out of synch, unexpected chord may spoil the sonata. Small mistakes may perturb the progress and performance of startups. One is likely to be shocked and dismayed by the unbecoming headway of entrepreneurship that is getting nowhere. One has to confront any existing issues with a firm resolve rather than sweeping them under the carpet.
Here are 5 mistakes that might kill your startup:
- Wrong Niche:
Entrepreneurs are generally attracted to eccentric personalities and niches. However, they fail to realize that behind this attraction lies a very strong need for freedom. If one were to cherry-pick the wrong niche, freedom is more fantasy than reality. If you wish to carve a niche for yourself, never choose an obscure niche. Instead, face the competitors and save your best for the last.
- Wrong investor:
It is not something completely about right place and right time. There is something more than it meets eye- Yes, I am talking about right investor. Without a right investor, success doesn’t follow the script. If the investor(s) interferes in the day to day operations, one can expect a real tussle in the near future. The guile of investors will work wonders but let us all remember with a caveat that wrong investors always stay keen to capitalize on slightest disarray in the company ranks. So, always a ‘Yes’ for a strategic investor who respects the opinions of co-founders and a big ‘No’ for the wrong guy.
- Bad Programmers:
You can accomplish a great deal if you recruit quality programmers. Talented programmers play vital cameos in adding a dash of confidence to your startup. Hire those guys who are well versed with cloud and mobile app development. After recruiting the wrong guys, there is no point in sulking. Many a time, programmers make a startup’s upturn in fortune an absolute reality.
- Unnecessary Expenditure:
Try to wave off any unnecessary expenditure. Let me quote Warren Buffet’s witty saying – “Rule No 1: Never lose money. Rule No2: Never forget rule no1.” Spend to make your life easier but never overdo.
- Business Plan:
What you plan today will most certainly come to fruition later on. So, have the right business plan. A wrong business plan essentially means that tempers are likely to flare, leading to discords in personal and professional life. Emotions should never run high.
To all intents and purposes, draft a feasible plan that helps you to realize your startup’s objectives and goals. However, do not over plan. Instead, have a contingency plan.