Setting up a startup isn’t cakewalk; it requires a lot of determination, hard work and courage since the process is extremely demanding and difficult. While trying to juggle between a lot of things, it is only human to forget a few of them and end up making some errors. Everyone wants their venture to be successful, however, one ends up making some common but very crucial mistakes which can lead to its failure.
Here are a few fundamental mistakes startups end up making:
1. Not doing enough market research
The most crucial mistake companies end up among is because they do not invest enough time and money in doing market research. Without the clear indication of what segments you are about to target and if your idea is feasible, you cannot afford to start working. This could end up being the sole reason for your company’s demise in the long run.
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2. Hiring the wrong team
Because your company is very new, a single mistake in the hiring department can prove to be detrimental to its image and existence. While you are looking for a competent, enthusiastic and a creative team, you should also keep in mind that the person’s beliefs and skills should resonate your startup. A good team can make or break your company like nothing else.
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3. Not taking feedback
Bill Gates once said that unhappy customers teach you way more than happy customers do. This simply means that if you really want to improve, you should start taking feedback from your customers. If it is good, you need to keep it up. However, it can’t all be good. When you receive a negative feedback, it is necessary to identify the areas which could have been responsible for this and work on them to become better and more successful in the future.
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4. Forgetting the core offering
In order to make stellar presentations to gain investments, churn out beautiful marketing campaigns and capture the market, a lot of entrepreneurs make the crucial mistake of avoiding their startup’s original product. It is the product/service that people come to you for and unless, it is something unusual and of superior quality, nobody will be willing to come back. Thus, you need to shift your focus on improving your product.
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