6 Startup mistakes to avoid
Do you want to make your innovative project known? Give solution to some problem? Create your own startup?
“Some of the best ideas are the most simple.”
“Just fixing a problem or finding a gap in society that is not being met, and that can even be delivering food. It doesn’t have to be about re-inventing the wheel.”
Says Lebanese entrepreneur Sarah Karam
The Startups are small companies that have very low budgets and few employees, they must know the environment and always look for efficient alternatives that allow them to develop and be scalable. The sum of small mistakes that are committed every day can be more than enough to carry the startup to fail. One mistake at the beginning could seem unimportant and insignificant, but over time can become a big problem by not being corrected on time.
Statistically, it’s impossible that someone decides to take entrepreneurship and don’t make mistakes or find walls that stop them, so if you want to start and not die in the attempt you should take a check of the most common mistakes of startups.
1.- Not think about the target market
Defining the product on your own tastes and interest is one of the most common mistakes of many startups, it is a serious mistake focus more on the product than the target market. The project can be really innovative, but should ask yourself the following questions: Will it provide a solution to any problem? Will it change the world? Why do people want to be customers?
“It’s not about the complexity of an idea or how ‘innovative’ it is. It’s about doing it well and providing a great service.” Says Lebanese entrepreneur Sarah Karam.
Market research is always necessary to understand where there are needs or problems to which solutions can be granted. A launch simulation is a very useful tool at the moment of knowing and analyzing the target market since the clients will help to test and qualify the idea, this way the faults and weak points will be known.
2.- Ignoring data
You should avoid copying business without doing a previous evaluation, one Startup can be successful in another country or city, but that doesn’t ensure that you can have the same success in the environment where you want to carry out the startup, as it can happen that a project isn’t working very well in one specific city but you implant it in yours and it works successfully.
So it is always important to study the environment closely. Who is the rival? How are they growing? How can my Startup be better? These are some questions to answer in order to develop a successful Startup.
3.- Partners and inappropriate work team
Keep in mind that each partner involves distributing a part of the profitability and in small businesses, this may be insufficient to distribute and meet the expectations of all. In addition, it is more complex to organize and make decisions in large groups. Working with people who are not competent and who don’t have the desire to grow and entrepreneur, over time it will be the weight of the project and startup. But,
“When the business grows, the challenges become very different. The founder cannot get involved in all the decisions, you have to learn to delegate.” Says the co-founder of the augmented reality App Blippar, Jessica Butcher.
You usually have the feeling that you can do everything and you don’t need anyone, but you need a team of professionals to help you see from different perspectives, its best to surround yourself with people with whom you share the same philosophies and be optimists.
4.- Not give 100% for the Startup
When you are creating something from nothing, you can build whatever you want and with the size you want, when you think in a little project you are limiting something that can be bigger and better. Even if you don’t have an income at the beginning, you should believe in yourself and be aware that the reward will come someday soon.
“When you can fail productively you get to experiment, and basically it’s a good experiment,” Says the graphic designer and computer scientist John Maeda, the president of the Rhode Island School of Design (RISD)
If you don’t believe in yourself, Who will? Take risks are essential in the generation of ideas. That’s why you should show all the passion you feel for the Startup. This way greater fruits will be obtained!
5.- Not making good use of different channels available for marketing
You should study what is the best channel available to introduce the Startup. Having a good marketing plan to make it known is an essential requirement. For that reason, it is not necessary to put aside the publicity and the digital tools to promote as the social networks. The previous strategies help to get good results; it is necessary to choose which will be the social networks in which the startup will be present with greater force, choosing those that best adapt to the goals of the company.
6.- Scaling too quickly
Being an entrepreneur is not an easy job. It requires passion, perseverance, people management skills, and a great deal of patience. The most important thing you need to remember is that everything takes a certain time to bear fruits.
“In very large organizations it’s sometimes like manning an aircraft carrier, in a small company like Survey Monkey it’s more like maneuvering a speedboat, you feel the speed, the acceleration, there’s fewer people, more energy, you have a more intimate connection.” Says Bill Veghte while worked at Survey Monkey, a pioneering online market research firm.
Don’t be in a hurry to see results and if you are seeing them, don’t be in a hurry to expand. In Startups, slow is not bad as long as you are steadily making progress.
Always listen and communicate all that you have in mind to your partners and co-workers, never forget your community, help and provide support in any way you can to other startups. Remember that while you are working to get that dream, there are others that don’t know where to start. So you can create a loyal community.
Make your dreams come true! Have the courage to try!
The keys of successful entrepreneurs to turn a small business into a great company. Series “The secrets of the CEO”. BBC. http://www.bbc.com/mundo/noticias-39271511
What qualities make a great entrepreneur? By Nastara Tavakoli-Far. BBC World Servise. http://www.bbc.com/news/business-14032584