Startup Mistakes That Kill Your Business
Indeed establishing a company is hard work and it often takes more than a single individual to launch a business. Aside from facing the challenge of attempting to build a company from the ground up, many entrepreneurs have little prior experience in the business world.
Starting a business is difficult. Launching a startup is even more
challenging. While there isn't a full-proof plan to reach small business
startup success, there are several common and dangerous mistakes many
new business make that can negatively impact their businesses
Check out 7 mistake below:-
1. Going it alone
Have you ever noticed how few successful startups were founded by just one person? A small business owner may be willing to learn how to be a jack of all trades, but it doesn't have to be that way. Hiring professionals will help you effectively cover your weaknesses.
2. Bad Location
Setting up shop in the right location is key, considering the cost and the geo-position of potential customers and the industry as a whole.
3. Skimping on the planning
Planning may be tedious, but without a solid plan for your business that includes business idea and market potential, you will be operating in the dark. Yo need to consider business plan, financial plan & marketing plan
4.Spending Too Much
Starting a business doesn't have to require a large investment, but some new business owners feel that they need to spend a lot to purchase the best of the best everything from marketing help, to equipment, to software. There are usually other, less expensive but equally viable options available, if you're willing to do the research.
5. Avoiding New Technology
As small business owners, technology can provide new opportunities, help us do our work more efficiently and even help us save money. New technology may be intimidating, and require time to learn and understand, but an unwillingness to adapt to technological advances can hurt your business in the short- and long-term.
6. Poor Investor Management
As a founder, you have to manage your investors. You shouldn't ignore them, because they may have useful insights. But neither should you let them run the company. That's supposed to be your job. If investors had sufficient vision to run the companies they fund, why didn't they start them?
7. You Don't Know Your Ideal Customers
Somewhere someone will for sure be interested in your product, you
just don’t know who yet? Sounds like those people may not exist. Be sure
to check.
Remember to share this article with fellow entrepreneurs in your network.
