In 2K16 entrepreneurship is something that’s flourishing in young minds quite extensively. Most of them are too passionate about getting their business on the run in the fastest way possible rather most of them commit blunder mistakes that they couldn’t notice until they cover up a long run and later it is way difficult to get back and correct them. The most common issues that usually crops are that the entrepreneurs couldn’t decide whether they should focus on the development of the product, the marketing of the product, expenses on their startup and several other factors.
Here I have discussed few most common mistakes that any startup founder commits.
- As most of the start-ups initiate during college life thus the co-founders are usually friends. One of the greatest mistakes while initiating a start-up is compromising with the co-founders. If one is your best friend doesn’t really mean that he could be a good co-founder. You need to be choosy and certain about your requirements while choosing the co-founders.
- The secondary expenses needs to be minimized, like expenses in setting up the office space, expenses for branding like getting t-shirts designed, visiting cards, posters and etc. Requirements should be fulfilled but one should always try to make the least expenses possible.
- Many founders and co-founders focus on finding investors for their start-up. This is not actually a good go, you should first prepare your product, introduce your product to the market by finding someone to seed fund your start-up and then once you are into the market you can go ahead searching for investors and your probability for finding investors will be much higher.
- While initiating a start-up people usually think of making their product visible to the market at an early stage of launching and in some cases even before launching. Do not step up and start murmuring or say technically, marketing about it. First focus to get the product completed.
- Another thing guys that you really need to consider is that spending so much on social media marketing won’t really land you a lot of audience. Yes it do, but in the beginning you really need not t advertise your product on social media, first focus on making your product visible to the people around.
- Most of the founders don’t really just think of starting up something without a proper plan; but if you do, you should reconsider and design a proper workflow and have back up plans if one plan doesn’t work. While building something big you need to have step by step plans and have targets build up so that you could monitor your progress and know when you are lagging behind.
- Guys, perfection is good and being quite good at several things is pretty fair but if you are considering to handle all the things by yourself, like coding stuffs, designing, marketing, sale and etc won’t be a good idea. Get a team and wrap up every individual with their responsibilities. Handling everything by yourself can mess up the whole start-up thing.