Top most 18 mistakes or bad decision makings become worst for a business startup and responsible for failure of the startups.
Top Reasons for Startup Failure
Beginning from the scratch, point out each of the most probable reason that adds its weight for failure of your startup:
Single Founder
Well known proverb says 1 and 1 make 11
, so single founder remain one which is not a very good idea. Try to attach some related expert with you.
Bad Location
Locating business means targeting customer, so location is a vital role in success as well as in failure.
Marginal niche
Derivative Idea
Be creative and innovative, adopt new ideas instead of derivative ideas. Have a look at top technology platforms like Facebook, Twitter, Alibaba etc. Each of them is different from one another and not a good alternate at all.
Obstinacy
Hiring Inappropriate Employees
Always follow the rule right person for right place
, and remember, 100 nurse can not equal to 1 doctor
.
Choosing the Wrong Platform
Planes do not land on railway track, nor bullet train capable of running on runways. Pay adequate attention and do Research which one is the right platform for your product
Slowness in Launching
Once upon a time tape recorder cassette was a profitable business, later CDs and afterwards DVDs overtook the market. Now think when did you purchased your last DVD. Now this is the age of online, everything is online. So right time to launch plays vital role.
Launching Too Early
As late lunch is bad, launch early is as well. Schedule a right time for the launch your business and its products.
Having no Specific User in Mind
Target to whom are you serving. Your target user as well as potential user must be the part of the business plan.
Raising Too Little Money
Its all being done to earn. So enough money is the key reason for all the efforts. Make sure your business is going to return you enough and on time.
Spending Too Much
Budget always matters. Expenses can be increased as much you want, there is no limit nor they will poke you to stop spending. Allocate budget in the startup with the tentative timeline.
Raising Too Much Money
This should not be the reason but looks like to be the reason. Get too much make more greedy or reveal potential greed within the founders. Think positive when succeeded.
Poor Investor Management
Manager plays vital role and management affect everyone attached to startup even mature businesses and product. Manage wisely no matter how patient or what bitter decision have to take. Be gentle.
Sacrificing users to (Supposed) Profit
Not wanting to Get Hand Dirty
Dignity of work always works so never shy to dive into where have to.
Fights Between Founders
Founders should rather I say must understand each other as they are joined for same cause and on board to same ship. Everyone behavior is not same but should be tamed to other acceptance and giving appropriate space.
A Half-Hearted Effort
Be confident, never half hearted as its passive killer of success or at least may slow down the caravan to reach the destination of success.
Posted Article in Business