6 common bad moves startups make
Starting up a business or working for a startup has its highs and lows. With hard work, perseverance, and a pinch of luck, you can go side by side with the likes of Zuckerberg, Ek, Karp, Chesky, and many others.
It will be difficult—from the planning process to the execution. But it will be worth it once you see your startup grow and progress in the industry.
Photo by Luca Bravo/Unsplash
Many startups have started smoothly only to make the wrong decisions towards the end of their venture. Avert from pulling the same wrong cards to your startup. Here are the common bad moves founders make that hits their brand hard.
Taking a long time to launch. Business planning and building up an outstanding concept can be time-consuming but it is an essential factor so it’s reasonable with regards to that. However, if you’re wasting too much time delaying your launch for unknown and unreasonable excuses, you got to ask yourself whether or not you should even continue.
Delays often mean hesitations and problems—lots of it—otherwise, you wouldn’t wait too long. If you’re currently in this situation, you may want to rethink introducing your product. Create a timeline for your project and set a deadline.
Not enough budget. Remember, you spend on what you need, and that’s what you should get. If you’re short on budget, apply for a loan. Little budget means not having the opportunity to serve your products at a top-notch quality and potential. When you do get approved for a business loan, maximize that money to your startup’s growth. Don’t use too much that you don’t get any for backup. The same goes with having too much funding you don’t need.
Attending countless startup events. Startup networking events and seminars are good for your knowledge, connection, and business process. You’ll learn a lot from the aspects fo the industry down to strategies on how you should manage it. You’ll get a lot of insight first-hand from people who claimed success in starting up their ventures.
Although these are all exciting, motivational, and a great learning experience, you don’t have to attend each and every seminar or event opportunity permits. you can learn some of these aspects online, reading up on articles and networking through the online community. Only attend those events that you can actually learn something great from and where great speakers and presenters are present; make sure it’s worth your time and money since it’s an investment.
Ignoring customer’s and client’s concerns. As a business owner, you need to monitor not only the people you work with and the numbers but also the people who support your products and services. You need to build trust with your customers and clients early on in the process by interacting and reaching out to them.
With this approach, you’ll never have to worry too much about broadening your reach and contemplating strategies to target your demographic. Your customers, clients, and the people you work with will do the work in an organic way–through word of mouth. They’ll basically market your brand because they trust you and this is how it will show.
Failure to reach out to others. As mentioned earlier, it’s important to reach out and connect with others in your network as well as interact with your customers and clients. You’ve built a relationship with these people, you don’t want to be one of those people who start off their email message saying “It’s been a while since we spoke,” or other ‘failure to catch up’ shenanigans, do you?
Prioritizing popularity. It’s understandable if you aim to place countless ad placements on various social media platforms to promote your business. But that shouldn’t be your utmost priority. The quality of your products and services should be.
What other usual startup moves that knock businesses out? Share it with us!
About Chie Suarez
When she’s not at home binge-watching shows, Chie Suarez writes for MarketLend, Peer-to-peer lending or marketplace online lending company that cuts out the middleman, cuts down on red tape and puts the investors and borrowers in a direct relationship.