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Top 5 Mistakes Startup Entrepreneurs Make - Business - Nairaland

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Top 5 Mistakes Startup Entrepreneurs Make by Tanimola26: 4:01pm On Apr 21, 2021
The startup entrepreneurship journey is not a smooth sail, from competition from similar product/service to talent management, customer acquisition to funding. All these are some of the headaches of a startup founder.
So many entrepreneurs overlook some important aspects of running a successful startup. It’s not their fault,
they are so excited about their idea that they pay little attention or no attention at all to these simple mistakes.
To help you steer clear of some of these things, I am writing this to help you know them and how to avoid some of the startup entrepreneur mistakes.
These are some of the mistakes startup entrepreneurs make when trying to get their startup running

1. They Don’t Research Their Competitors.

Nobody likes competitions, but the fact is that there’s hardly a new idea, your startup could probably have an existing competition. If there’s none, then you have to ask yourself if the problem you are trying to solve is widespread enough to warrant creating a business around it.
Competitors help you know there is already an existing market for your idea. So you need to research your competitors, know who they are, what they offer, what they are doing well, what they are not also doing right. Research what issues are their current customers having with their product or service.
Knowing all this will help you know how to enter the market with your idea.

2. They Assume They Need Lots Of Money

Startup entrepreneurs often think they need to raise outside capital immediately to get started.
But the truth is that you are better at earning money on a smaller scale, than subject yourself to raising funds and the pressure that comes with it.
It is always better to validate your startup with small funds and on a small scale, once you’ve proven that there’s a market demand for your product, then it’s easier for potential investors to see your company valuable to get their money

3. They Fail to put their customer in mind

Startups entrepreneurs often begin with excitement and optimism about their ideas that they failed to put the end-users (customers) in their development process.
Your customers should be your number one priority when implementing your ideas, they are the ones who will actively use your product or service, if you fail to include them in the development process you might end up wasting time, energy, and resources on a product that doesn't solve their core problems.
To avoid this ensure to include your target audience in the product development process.

4. Ignoring Customers Feedback

Your customers are the reason why you are developing your product in the first place, if you ignore their honest feedback, then you are making a great mistake. You might want to argue that you can't satisfy every customer, the best way you can get honest feedback is to ask for it. You can do a survey, send out questionnaires asking the customer what they feel could make the product more useful for them. Analyze their response then give them what they want.

5. Less Focus on Design

What is design? The design considers usability, conversions, and the user’s first impression. All of these factors are very important if you want to run a successful startup.
No matter how great the technical teams are, a bad design can ruin a product. Therefore, you will want to look for designers to help you design a good looking and seamless process product.
For your product’s design, professionals will be costly, but a great design is worth paying for. Badly designed product increases the chance of losing potential clients. Moreover, a well-done design means you’re avoiding potential developmental problems, as a professional designer can suggest the most reasonable solutions for usability and development processes.

I hope you find this useful[b][/b]

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