Some startups are destined to fail, and that’s mainly because they keep making the same common startup mistakes! Mistakes mostly met by young entrepreneurs and early-stage startups.
Make sure you won’t making the same mistakes. Here they are:
You think you’re so awesome, you can do pretty much everything. Wrong. Everyone needs someone else, especially when building a startup. You can split the workload, confide in, get an advice, and probably you will get more capital too.
Building a startup takes time and is stressful. Nobody can do it alone. A co-founder will support and complement you to move the startup forward. The co-founder(s) can be the difference in determining startup success or failure.
So, you decided not to build the startup alone. You called your three (or four) best friends to join the party. At first, you may think they’re the best, but eventually their flaws will be exposed. Before you choose a co-founder, try to assess them on what they are best at and if they are the ideal person for the role you are looking for.
Early co-founder(s) is crucial. You need someone who will balance your weakness, both personality and skills. Plus, he or she also shares the same vision and values as yours. Most successful startups don’t have multiple founders, though. It could be frustrating if everyone isn’t pulling equal weight. One co-founder is preferable, but make sure you really can work with him/her.
Waiting too long to launch
You want make a perfect product, yet you took a lot of time just to release it. Most startups build more than they truly need to. Remember, you can always fix it periodically. Beta product as your first product is acceptable, as you need to test the idea to the customers. Better get to the market quickly!
Particular features, buttons, options, and settings aren’t crucial to the product. However, make sure you still make a good looking and useful product.
Incapable early employees
Startups are small and agile. You need pioneer employees who know they will wear many hats. Often times, the employees are working beyond the job description, and they need to be ready for that.
Many early-stage startups are hiring poorly, such as hiring their friends or someone who aren’t capable at all. You need to build a team who is clearly talented and focus for the startup. The employees are critical for the startup’s growth.
Obsessed with money
The startup founders are working hard… to get their startup invested. Plenty of popular startups call it quits after they got $$$, which makes people question their vision on building a startup. It seems like young entrepreneurs think fundraising as success mark. Truth is, sustainable and viable are the success signs of a startup.
Try bootstrapping, even though it’s quite scary. Whenever your startup is starting to grow and making money, you may well be better off not fundraising.
There might be a lot more common startup mistakes. Do you know some more?
Next read: Applying for a Startup? Ask These Questions during the Interview!
Article contributed by Startup Jobs Asia‘s Team.
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