Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,630 members, 7,955,308 topics. Date: Saturday, 21 September 2024 at 10:10 PM |
Nairaland Forum / Nairaland / General / Business / Biggest Mistakes Startups Make - Mitdb.com (307 Views)
The Biggest Mistakes Startup Entrepreneurs Make And How To Avoid Them / Biggest Mistakes Most Startup Founders Makes That Must Be Avoided. / Top 10 Biggest Mistakes In The Tech World History That Cost Billions Of Dollars (2) (3) (4)
(1) (Reply)
Biggest Mistakes Startups Make - Mitdb.com by akinjuly77(m): 5:22pm On Sep 22, 2017 |
I think these are the most important reasons of a startup failure, listed in no particular order: Overvaluation of the idea's importance. The idea is worthless. If you think that the idea is all you need - you’re wrong. An implementation is important, not the idea. Lack of precision. If you think that your product or service is for everyone then it’s for no one. You need to select a narrow target audience. An excellent app for a cab driver will obviously be useless for a housewife. Mixing friendship and business. Leave friends for personal communication, do not start a business with them. You’ll either lose in friendship or in business. Do not spend time selecting employees. It's the most important. Start your business by hiring a recruiter. A good manager delegates everything he can. Consider a start-up as merely a way to make money. A startup must create useful service or a product. It must have a mission that is understandable to the target audience and your employees. An inspiring vision is what distinguishes a successful startup from another money-making tool. No game plan You must understand exactly at what stage of development you will be in a month, six months, a year. Planning the crucial activities beforehand is essential and cannot be done once you begin to work 80 hours a week. Lack of patients Rarely does one succeed at once. You have to understand this and be ready to make one step at a time. Being truly passionate about the problem you are trying to solve with your product helps a ton. Mix tasks of the employees Do not load the employee with non-profile tasks - accountant-content manager-system administrator is bad. Overspending. Buying the things you don’t absolutely need is a killer mistake! However, while your startup can sustain without certain services, it certainly cannot without certain people. The other side of the coin is that with a growing team you spend more time solving the managerial tasks and less time actually getting more customers and solving their pains. Thus said, outsourcing most tasks to a reliable partner or a convenient tool and keeping your team a lean machine is the best course of actions to spend less money with the best result. Don't forget to add yours! Consult us here on how to increase your Sales 1 Like |
(1) (Reply)
All Those Characters Your Real Estate Agent Plays Vigorously / Fruitphul Review And Bonus / How Can I Make Money In Ragp Telecommunications Business Opportunity?*
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 10 |