Don’t Make These 10 Startup Mistakes

Startup Mistakes to Avoid
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Don’t Make These 10 Startup Mistakes

Launching your own start up might be exciting but is a daunting task. Lack of prior experience in the business word makes it all the more difficult. However to ensure a steady survival the following ten mistakes should be avoided at all the costs:

  1. Not Including Online Marketing as Part of the Plan: Marketing and Public relations play a very crucial role in presenting a particular product or a service. The marketing ensures that the target customers are bound to try at least for once, the newly launched product or services. Neglecting online marketing in a startup plan can be a non-rectifiable mistake.
  1. Lack of Proper Networking: Proper networking is the key to opportunities. A good network acts as oxygen and water for your start up. This is so because all the best opportunities are shared from person to person through back channels. 
  1. Do Not Hire the Best Resource Hire the Right Resource: Often people make the mistake of hiring the costliest resource. A newly started venture cannot bear the burden of high costs. It should be borne in mind that the key to the success of the startup is not the best resource but the right resource.
  1. An Inimitable Website – Your Firm Visiting Card: A website is nothing less than a virtual address of your start up. It is the first impression on the people’s memory about your venture. Any lacunae in the website in terms of missing information or incorrect design can lead to failure.
  1. Wrong Investor/Co-founders: All the co-founders should have some or the other kind of expertise and should be willing to dedicate their time in making the venture a success.
  1. No Idea of Target Market: Before launching any startup it is important to have a detailed idea of your target market and their preferences. Lack of such idea will lead to non-catering of their needs and eventually a failure.
  1. Improper Funds Management: Raising too less of money and spending too much creates cash crunch especially in cases of a startup and hence reduces the liquidity and finally lead to failure in the long run.
  1. Launching Early Premature Stage: Launching the startup at pre-mature stage, without having its complete understanding can be fatal.
  1. No Idea of Competitors: Competition can kill the business is rightly said. A very important mantra for success is to have complete idea about the competition and to have a counter strategy to beat them.
  1. Flexibility: Business operates in a dynamic environment hence being flexible and having back up plans in order to meet the dynamics is of utmost importance.

Regarding any consultation or advice you can contact us on 9811977455 or send us an e-mail on info@hostenzo.com or simply visit our website http://www.hostenzo.com.

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Hostenzo is one of the fastest growing reputation management companies in the world. We service all levels of business. We will take you from startup to launch, and from small business to enterprise-level.

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2 Comments

  • Rubel
    March 25, 2016

    Hello

    Very true and there are a lot of other factors that contributes to the failure of the startup. I would think “Listening to customers” is not what a lot of startups are doing. However, more often, the situation is that they do not know who their customers are.

    So, this is what I learned from my startup. And I hope, future startups will take care of important factors, which can cost them their time and money.

  • Mitesh Sanghvi
    April 9, 2016

    Hi, the mistakes simply break down to this pattern. First, a wrong partner, second a greedy investor, and third, a product which audience aren’t interested in using. It can further go ahead with the customer service and the qualification and attributes of your employees too. Still the insight you’ve shared must be up for a discussion and should be read by every person interested in a startup. 🙂

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