There must be some reasons on why a startup can’t survive. Indeed, most startups can’t even last for more than five years. Sure, you do not want your startup to fail. Thus, learn these five startup killers, and avoid those things at all cost.
One founder only
Are you a single startup founder? It is basically impossible for you to single-handedly handle all startup matters. It is super hard for one startup founder to lead a successful startup, even though you believe on yourself.
Really, you can’t go through ups and downs alone. When there are multiple founders, they can support and complement each other.
Lack of focus
Is the startup only your side project? It will be harder to survive, or at least become profitable in the near future. Sometimes, startup founders can’t be total. They are still working for a company, or chasing other things to pay the bills.
Convince yourself and other founders to focus on the startup. Yes, it requires a lot of sacrifices for some people (not to mention high risks). But it is the way successful startup people do.
Many startup founders are chasing filthy rich investors. But, is that the right thing to do? It is better to befriend funded startup founders. Those are the people that can get you an intro to meet trusted/compatible investors.
Remember, all money is not equal on investments. Every startup founder needs investors with common vision as well as common interests. Be clear about the value, beyond money, that the investors are able to add on your startup.
Indeed, early-stage startups need to hire fast. They also understand that they can’t afford decent salaries. So, when they meet a little bit unqualified candidates (but agree with the paycheck), they quickly hire those candidates. However, the pioneer team of your young startup has to understand the vision. They should not be the people who are only looking for jobs.
It is tempting to hire someone right away, but firing or letting people go is a huge distraction for a startup founder. Hire thoroughly, even though it takes some times.
There is nothing new under the sun. But, do not be a straight competitor or a total copycat, such as you want to build a new and improved Facebook. Try to find an authentic idea, instead. Usually from a specific and unsolved problem that you face everyday.
The point is, imitation idea is always not the best idea. The imitation startup will hardly survive.
Next read: 3 Essential Tips for Startup Social Media Marketing
Article contributed by Startup Jobs Asia‘s Team.
Follow Startup Jobs Asia at:
Facebook | Twitter | Google+ | Linkedin | YouTube | Pinterest