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A real winner is the one who learns from other’s mistakes.
For the startups, when you have so much at risk already it becomes all the more important.
As much as 90% of startups fail every year because either they scale too early or they lack the required expertise.
Moreover, when you are beginning from scratch, you cannot afford to make mistakes, especially the ones which have been made in the past by other startups.
For that sole purpose, we have rounded up a list of common mistakes that you must avoid at all costs.
Designing a Product Without User Guidance
As founders of a startup, the usual mindset while designing a product is that our product must serve as the best solution to a given problem.
Well, that’s not wrong.
The problem arises when you are too lost in the product and its amazing features, that you don’t want to change a dime on your ‘perfect’ interface.
But here’s a thing, what is the definition of perfect? To make your customers happy or to give them a bunch of unique but useless features?
I am sure most of you agree with the prior.
To do that, you need to get on the field and talk to your customers.
Because, believe me, there’s no better guide than your users.
Not Preserving Your Online Heritage
For most of the startups today, the World Wide Web is the primary source of marketing.
First because of its wide reach and second because of its cost-efficiency.
Your online heritage is your journey right from the grind.
If you don’t invest in preserving your heritage, how are you going to prepare for the future?
Yes, we have Wayback machine, but we all know how reliable it is.
And therefore it has become crucial to look out for better alternatives of Wayback Machine, such as Stillio.
Adding Too Many Features
The more, the merrier – well, not always.
Most of the founders believe that with a list of features they are adding value for their users.
This is exactly when they tend to lose focus on the underlying problem.
Just like too many cooks spoil the broth, similarly many features spoil the product.
Founders fear that their product doesn’t have enough for the market.
Whereas in reality, simpler products attract larger audience.
If you are designing the first version of your product, it is best to keep it simple.
The average attention span of users is just 8 seconds. That’s a large bet to convey the value you are offering.
Not Trusting The Market, But Your Opinion
You have one opinion, the market has another and if these two don’t align with each other, the time is not far when you will fall on the ground.
You had an idea and you converted it into a product.
But on the way ahead, things will not always go as planned.
Market shifts, trends changes, preferences alter and so should your business plan.
Learn to embrace the changes. There’s a reason why 99% of startups do not end up being the product they thought they would be.
You Hire Wrong People
People are the driving wheels of your organization and for a startup, it’s sometimes the only wheel pushing the idea.
With a limited budget and an idea that is yet to be transformed into reality, if you hire people who contradict your values, it can be poisonous for your organization.
Since the number of employees is considerably less in the initial days, every person has a big impact on the startup’s future.
So, it’s always a wise choice to hire people that are on the same page as your – both in terms of culture and objectives.
Not Being Frugal
At this stage of your startup when you are just starting, if you are not frugal, it can cost you big-time.
Every startup is short on resources and requires intricate budget planning.
Now if you are one among the many who thinks frugality and cost-cutting are synonymous.
No, it’s not. Cost cutting is like decreasing the cost, while frugality is saving the excess.
So, don’t hesitate to sleep on the couch, switch the bulb off, and pick Windows instead of Mac.
Almost 69% of US entrepreneurs start their businesses at home.
Life of startups is certainly not easy.
But once you are at the top, there’s no looking back. After all, Amazon also started its journey from a garage of a rented home!