7 Dec 2018
Blunders That Provoke Startup Failure
Do you think running a startup is an easy choice?
The number of Startups getting flunked is increasing and such failures make anyone feel highly uncomfortable to give a try to a startup.
I am assured, just like me, many young talents, with a superb idea, just curb down their dreams, thinking about the failures, but are we really doing justice to ourselves?
We all know it is a tough journey and includes many roadblocks. However after searching for some motivation to stay strong with my idea, I came across a blog (How A Fitness App Raised $1.5 M Before Its Official Launch), and brought my faith on getting this idea materialized.
In this post, it was clearly mentioned that how an app development company helped the startup venture to get funding before the app launch, which indeed sounded promising and I decided to reach the writer and luckily after few sheer struggles of arranging a face-time meeting, I got connected with COO of Techugo- Ankit Singh.
The conversation was really knowledge-enhancing and the comfort created by the speaker made me understand that how this company which is a startup on its own, could mark the exceptional progress in its niche in mere 3 years and helped various startups to get the funding through their business marketing ideas.
Thus, I decided to talk ahead with Techugo and tried to grasp the number of blunders which can kill the startup much before it does its first ever somersault of success.
So the excerpts from the discussion are here …
“NO certainly NOT…since a handful failed in their initiatives, does not speak the spectrum of possibilities, rather we must strive for a better future and growth and must look for the success stories of successful entrepreneurs.”
This was the very first quote from Ankit Singh, who continued it by saying, that there are many examples in the world which cite the significance of true success which can be attained through hardship, dedication, and proper planning and most importantly, we need to be more cautious and careful while making the right decisions for the health of our startups.
To help you understand in a sequence, I have complied the tricks and tips from him, in this post…let’s begin to understand the most basic reasons causing failure of Startup business…
Assuming Your Concept Is Different
There is a revolution going on at the current time!
This allows the maximum people running or planning to run a startup, where they all have a common belief that their idea is unique and once started the money will start to shower from the sky.
However, this approach and thought process is absolutely wrong, because it takes you further caged in a shell, where your users can never reach you.
Your concept whatever it is should be well-defined to give a reason to your users to utilize it, so their needs can be met. If you fail to resolve the user’s requirements through your startup platform, then it can never reach the success, so ensure your idea is different from others and do your required set of research and planning before proceeding further.
Staying Aggressive Than Positive
Yes, it does happen and you cannot deny from this fact, that when success hits the door, confidence rises, and when confidence rises, it shoots the arrow to over-confidence and unknowingly it presses the arrogance button.
Indeed, confidence leads to success and can help you turn into a real game chaser than a gambler since risk gives lessons, but on the other hand, arrogance curbs your innovation and understanding, which leads to epic failure.
Accept criticism and don’t be defensive, it will only bring the best out of you, and would lead you to do better in your business domain.
Picking Wrong Resources
To grow is the evident dream of any startup, and to grow in numbers you need a good team to work along with.
Many startups due to their lack of experience, recruit wrong professionals for their work, they forget that for a start-up every employee comes with a cost and if employees are unable to justify their salary through their work, then it is a loss for the company.
Try to hire people who are good and have expertise in more than one thing, don’t look for what they know, but what they are willing to learn, this approach helps your company also to grow along with, because such employees always have a passion and burning desire to learn and explore more, in their zealous act they would find no boundaries to hone their existing talents and skills, benefitting your company at a larger extent.
Blunder # 4
Money Is The Only Expected Outcome
When you have a passion for something, you automatically give your best and it drives you to success, in terms of brand recognition and financial growth, so start a startup with that idea, where your heart lies not mind, since if you pick a startup idea just to earn money, you can never bring innovation, creativity and your product would face the redundancy after a small gulp of success.
A startup idea with passion and dedication infused together, always look for the ways to make the company grow more and reach the customers more efficiently, but a startup idea with money behind, always curb its existence, due to no passion and dedication invested in the startup concept, so start with a concept where your passion can do full justice.
Several startups start and die their infancy death due to the presence of some of the above-mentioned factors and unfortunately are some of the top and trending reasons why startups fail.
Also, apart from that the Mantra I received for the day was; “I have learnt from my experience, that you should never let the success to rule you, once you allow it, the real essence of your identity reflecting through your start-up vanishes and give a very weird and alienated experience for your users, who fail to connect with your startup and abandon it as a consequence, leading to startup failure.”
Indeed, this information helped me in abundance and I found it quite useful. I truly hope that one day very soon, I will be a successful entrepreneur and will be wiring a blog about my elevator story with you all soon…
With my sincere Thanks to Mr. Ankit Singh, I bid adieu to all the future and existing successful entrepreneurs and my lovely readers….Remain glued to this space for more interesting stories coming your way…
However, share your experience to pep-up the motivation to be built around the startups, which would encourage others as well to give a try to their dream.