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What not to do when starting a startup

What not to do when starting a startup

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Everyone who works for someone dreams of being an entrepreneur. It is good to work for someone and earn handsome money. But, it is better to work for oneself and make a great deal of money. This pops a question, why not everyone tries his hands on entrepreneurship?  Even if they did, why not everyone succeeds at it? As per a recent survey, only 21% of attempts at starting a startup make if through the first year. Of these, only 10% succeed. That means only 2.1% of startups actually make the name.

So, what is it that makes it so challenging? Is it the idea, is it the execution plan or is it the zeal to work with? No, not really any of these. It is just some simple mistakes that make the startups fail. Let us look at the mistakes that must be avoided at any cost if you want to start your own business.  This list is not specific to any kind of business.

  1. Don’t wait for the right idea. Just think of the right way to execute the idea
  2. Don’t compromise on quality. Many a times due to lack of funds, startups start to compromise on the quality, whether of the products they sell or the services they provide. This is simply not suggested. In an attempt to make new customers, you may end up losing the existing ones. To make your own loyal customer base, you must maintain the quality. E.g.: if you are providing a service like guitar lessons in Singapore, make sure that your classes start on time. You have hired the best of teachers and have the best of equipment in your possession.
  3. Don’t try to do everything on your own. However intelligent or competent you may be, you cannot be an expert at everything. You need to and you must take expert’s advice with respect to different facets of your business. E.g.: hire a legal expert for your company to take care of all the legal matters. Someone is a financial expert must be a part of your team so that if you ever get in to trouble in this respect, your company can be rescued.
  4. Don’t hang on to it for emotional reasons. Learn to recognize the early signs of failure. As soon as you see the earliest sign of failure, do not hesitate to consider diluting your ‘empire’. It is better to sell off early and save you some money to invest in another venture rather than holding on to the sinking ship and come out broke.

Look at the great video here that explains some intricacies.

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