The startup is not everyone's piece of cake, it might be easy to start but difficult to sustain and to take the startup where we desire to. It takes hard work, dedication, and effort so as to take your startup at the top.
We always focus on the major mistake and ignore the minor and later we regret not noticing the minor. So today let’s go through the minor Startup mistakes we commit, which make us impossible to survive in the market as shown in below infographics:
1.Building something no one wants:
Business should focus on the customer; can you imagine business without the consumer, yes we can imagine if we build something that nobody wants. In the context of Nepal, many startups can’t survive because we build something that nobody wants and the reason is very clear i.e. we lack research. We hypothetically create something and unfortunately that creation fails because nobody wanted that. So the solution is to research on something you are creating and test it on target marketing, whether it works or not.
Another reason for failure is hiring poorly and its function of HR to recruit or hire an effective and efficient candidate for the desired designation. We should start hiring the employee with new strategies (http://fitsmallbusiness.com/recruitment-strategies/). We lack in the selection process, we select the employee on the basis of favoritism and nepotism while we should be selecting them on the basis of their quality.(https://www.forbes.com/sites/amyanderson/2013/08/16/5-unique-recruiting-ideas-that-paid-off-big-time/#622900fe6813)
3.Lack of focus:
It is during our darkest moments that we must focus to see the light – Aristotle.
Success is not guaranteed in the business, for success, we must face the failure so we need to have patience and courage to overcome the failure state. Patience directly depends upon the focus we have. If we are focused on the goals and objective of a startup there is less chance of failure.
4.Fail to execute sales and marketing:
In the context of Nepal sales and marketing simply means a person carrying the product and selling it to place by place and talking about Nepali context marketing is neglected and it’s reason startup or business can’t survive. We need have our promotional strategies and need to have a separate department to address and focus on marketing.(https://www.entrepreneur.com/article/284525)
5.No having right co founder:
Co-founder means that more than one person founded the company and this person is one of those people. This person will always be one of the people who started the company. We must find people with similar interest and passionate as we are in that business. Otherwise sooner or later conflict occurs and startup will vanish as well.
6.Chasing Investor not customer:
If you have to choose between making the investor happy or making the customer feel good, always choose the customer. Because if the customer is satisfied, they will continue to choose to buy your product, then investors will be happy and they will continue to spend more money for you.(http://voxeu.org/article/customers-and-investors-framework-financial-institutions)
7. Not making sure you have enough money:
The growth of the business concern will be stagnated. The reason is that the business concern is not in a position to take up a profitable venture due to unavailability of working capital funds. It affects the goodwill of the company. The objectives of the business concern cannot be achieved. Moreover, the company cannot earn an average rate of return. The short-term liabilities cannot be met in time. Fixed assets cannot be used properly due to inadequate working capital. The market opportunities like cash discount and trade discount cannot be availed by the business concern. Sometimes, business opportunities are not utilized due to non-availability of adequate working capital.
8. Spending too much money
Investing in too much money makes it unlikely you'll be successful even when your product is not yet complete. Moreover, when the capital is too large, you will find yourself abundant and will spend it inexpensively, ineffective investment
9.Failing to ask for help:
This day’s people try to start the business by themselves, they want to be independent and wanna take business with their own effort. People perceive asking help to someone is the sign of low attitude so it negatively impacts the business and stops business from growing.
10. Ignoring social media:
These days, Facebook, Twitter, Instagram and other social media platforms are changing the way clients and businesses interact. From monolithic corporations to small firms, every business stands to benefit from taking social media seriously. Creating profiles on sites like Facebook and Twitter allows your clients to contact you in ways that are more convenient than ever before. Completing a formal “contact us” form may be intimidating to some. However, a tweet or response to a post on Facebook is a method of contact that most people are familiar and comfortable with. Social media’s informal style is particularly appealing to younger demographics.