A lot of college life goes into dreaming of building a start-up, initiating small business ideas and executing them on a grand scale. The wishful ideas and plans may have remained a pipe dream for some, but not all. Starting a business can be daunting and might not always lead to the returns you may have expected. The success and stardom that reflects on the surface of the business world aren’t always all rainbows and silver showers. Often, it’s disappointment and unexpected pauses. Several surveys have conveyed that 9 out of 10 start-ups turn out to be a failure. This isn’t to insinuate that all start-ups are doomed to be monumental failures. All of these stories aren’t of just failure but of learning. These stories teach and make us cautious of all that could go wrong while carrying on this new expedition.
Listed below are some common mistakes that every start-up should avoid to avoid some road bumps on the way:
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Going Lone Wolf
A successful business isn’t just the work of a single individual. If you are planning to carry out and run your business by keeping the baggage entirely on your shoulders, chances are, things might go downhill. It’s important to have a team, or if not a team, then at least a couple of individuals to be a part of your initiative. This will lead to the division of workload and further effectiveness with smooth management. Find people you can rely on and trust to carry out the project with the same zeal and effort as you are. While putting a base for start-ups, our co-partners are the first ones through whom we learn and unlearn things.
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Not having a constructive strategy
You have the idea and the goal of a successful market on the foreseeable road. However, many start-ups don’t think ahead of the journey towards that road, which is remarkably a crucial point. Before heading out on this excursion:
- Have a road map, a well-constructed, thorough plan, with a clear demarcation of priorities that could help grow your business.
- Keep the unnecessary things and information at bay for now. The next step should be to simplify your strategy and cut them down into short-term goals to achieve.
- Figure out your main goals and objectives, and then think of a course of action to help bring those goals to life.
- Have a realistic, achievable and well-thought business strategy.
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Following gut and not heeding to customer’s needs
If you are someone who is leaving it all on a small leap of faith and the voice of your gut, you might find yourself in deep trouble ahead. You won’t have any business if no customers are willing to buy the service or product you are extending. Instead of assuming what customers want, try to get a clear and concise idea of what exactly the consumer market demands. Research what customers want and, most importantly, what they don’t want.
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Underestimating the capital requirements
Let’s face the truth that start-ups require a huge sum of money. Thus it’s vital to keep your finances in order. Have a realistic idea of the capital you will be required to invest. Have appropriate knowledge of how long you can operate before you run out of funds and what amount of credit you’d be required further. Starting a business is much more complicated than we may presume it to be. Apart from the enthusiasm, exhilaration and desire for success come many risks, failures and disappointment that we might haven’t prepared ourselves for.
Hence, you need to prepare yourself for the failure that might pose itself in the future. But never let failure stop you, channel the resilience and carry forward. Focus on customers’ needs and manufacture your services accordingly. A great idea, effective planning, a brush of hard work here and a pinch of patience there can take your dream to great heights.
