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The Most Common Mistakes Made by Startups

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The Most Common Mistakes Made by Startups

By Startup Valley (423 words)
Posted in Startups on August 27, 2013

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In recent years, many startups have changed the face of the information-age economy with hot new brands and services. This has inspired a new wave of entrepreneurial activity in many sectors, especially those related to new technology and mobile advancements. While it is never possible to guarantee the success of a business, here are a number of common mistakes many new entrepreneurs make that can have a major impact on their businesses. Entrepreneurs who watch out for these blunders stand a much better chance of shepherding their business through the first few years successfully.

Waiting to Release

A major early mistake comes naturally for many companies: waiting too long to send their products out into the world. This can happen for a variety of reasons. Maybe the leaders of the project are convinced that the market isn't ready. Perhaps the project has grown out of control and the original simplicity of vision has been lost. The key to tackling this problem is to find the balance between "perfect" and "just-good-enough." Companies have to settle on whatever the minimum is to have the product ready, viable and out on the market, while still delivering on core promises to customers.

Loss of Focus

This can often accompany the "waiting too long" mistake. The product is growing, new features are being added or the marketing team has more work to do: There always seems to be more reasons to deviate from the core objectives announced at the beginning of the project. This could mean delayed deadlines, frustrated team members and possibly an unfocused, inferior product. The alternative is to set clear, realistic and coherent weekly or monthly goals that all aim at the core focus of the business. Startups should focus on the original vision and on what they find works most effectively as they go along, but not get bogged down in considering every single alternative possibility.

Poor Hiring Decisions

Especially when startups are just opening their doors, it’s easy to make mistakes in hiring decisions. Some entrepreneurs could end up hiring for personal reasons rather than considering what's best for the company. Others obsessively focus on a particular skill or element, rather than think about the big picture of relationships within the company. In general, the key to avoiding this mistake is to continuously evaluate the suitability for the company vision of any potential hires. Companies shouldn't be afraid to stretch their budgets to get the best people that they need, in order to move their business forward.

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