Startups are the new bait – for investors as well as for job-finders. Everybody wants to imbibe the ‘startup-culture’. But, there comes more along with it than just the fun and games. As they say, the grass is always greener on the other side!
Imagine leaving your safe-haven of an MNC job aside, and the perks of coming to a desk of pre-assigned work every day? Leaving aside your big-ticket jobs, making ends meet, finding investors as well as a team that believes in your concept as much as you do: that’s just a bit of what startup entrepreneurs go through. Making a strand of an idea turn into a full-fledged reality is no cakewalk. There might be thousands of ways on how to go about things, but what not to do is often unsaid.
Scroll down to find out top 10 things startups should never do:
Don’t take market research casually
Work thoroughly on your concept. It’s vital to see the practicality of it all. Major startups die early because the concept has not been thought over well. The size of the opportunity needs to be understood and analyzed before jumping in the market.
Don’t get too fancy
While the idea of having a thing of your own, being the ‘boss’, is an intriguing one, it’s important to understand that the quality of service being delivered by you should be higher than spending those lakhs on office space, facilities and furniture.
Don’t hire and fire in haste
Yes, 50 percent of the concept getting to actuality comes with efforts from the right team. Since you’ll be doing it for the first time in your life, chances are that you might end up hiring wrong people more than the right ones. So, don’t panic and terminate those in haste, who are turning out to be the roadblock.
Don’t ride solo
It’s a universal observation that great brands were started by a duo. Not because one person’s faith might be wrong, but having another vote just makes it more viable. You have somebody who can criticize and help you put up with bad times as well.
Don’t shy away from experimenting
Indeed! Don’t be rigid with your original plan. Most of the times things wouldn’t go as per your plan and that’s okay, it’s bound to happen. So, be open to adopt to the better idea, even if it’s totally south to your initial plan.
Don’t take customer-relations for granted
The key to every successful business is customer satisfaction. No media buzz, no investor interests matter unless your customers are happy. You might appear to be the boss, but the real ones are your users, hence knowing their insights, feedback and delivering as per their expectations is your primary focus, always!
Don’t ignore your competition
Well, if you thought that’s just for big-wigs, and your concept is totally different – it’s time to think again! Others have traversed that road and that is why there’s a ‘market’. Know your competition and bring your own X-factor over them.
Don’t always rely on investors
Of course, investors are essential for survival but as a startup, your metrics should be focused on getting your own money generated. Making your own revenue will be glue enough for investors to come.
Don’t take the all-girls or all-boys route
However vague this might sound, a good team comprising of both male and female minds would mean more ways of thinking and chartering your startup with more brainstorming.
Don’t miss out on having a legal consultant
Having a legal hand for the business is the most overlooked but important fact. Once you start, there will be obstacles and legal plights; know how to overcome them!