The biggest and most common mistakes made by startups you have to avoid.
establishing and running a startup is difficult, everyone wants to be a successful founder and has gainful company, but in reality there is about 90% probability that your company will fail at the beginning. You may have heard that out of 10 startups, nine of them will not exceed five years.
The long-term survival of your company depends on many factors, such as your ability to collect finance and attract the best talents, and your experience also plays a big role.
Experienced entrepreneurs are likely to succeed 3 times more than the new startup company whose founders are inexperienced.
Logically,the more you have experience in any field, the better to do it! But we can help improve the chances of being a survivor in the long run, even if you're working on your first startup.
Here are some of the biggest and most common mistakes made by startups you have to avoid.
Stop hiring the wrong people.
When your startup is new, it's necessary to employ people who help you grow. You can't waste time and money paying for non-influential people. This does not mean that they are bad people or bad employees.
The wrong employee can be a talented and committed person, but this means they are! not suitable for your startup company at this time. When your company expands, you'll need to hire people that match your passion for growth.
Hiring the wrong person can reduce your productivity and cost you about $50, 000. So, how do you make sure you're hiring the right person? This starts from the interview! experts say that you should not appoint people who prove that their technical skills are only strong. You should look for other skills such as problem solving skills.
Of course, they need to have strong technical skills, yet it is important that they can quickly think about solving difficult problems, which helps your company to grow in the early stages.
Thomas Edison had an innovative way of testing the abilities of candidates to solve problems before hiring them. He had served them with a bowl of soup. Why? Because he wants to see if they will ask to add salt or black pepper to it before tasting it, if they do, they are excluded from the job, because he doesn't not want them making assumptions, as the assumptions kill innovation
The early years of your startup are similar to Edison's research: you need someone who has a problem-solving skill.
Stop doing operations in everything
You don't need a documented procedure for everything. The procedures are very important, but like anything else, they should be used in moderation. Startups need employees who are not afraid to think outside the box, creative problem-solving can save your startup from financial ruin. Do not overburden your employees with complex processes that distract them from doing the work they need to do.
You need operations, but the trick is to continually develop those processes. The operation can be anything. It's how customers get their bills. The way your team handles a new feature request or an error report. You also need smart people and creative solutions, and most of all, you need to give freedom to these smart people to create creative solutions even if they don't correspond to a well-defined checklist.
Encourage your employees to come to you with suggestions to make your current operations more effective or useful. Instead of completely getting rid of operations, focus on their continual improvement.
Stop assuming you know your customer:
I'll ask you a question.
When was the last time a concentration group was held? Or send a questionnaire to your customers? Or even talk to one of them? If you are not sure of the last time that anything happened, you have a big problem, you need to listen to your customers.
The best way is to ask people for feedback. You can set up a focus group for your new product idea or experimental test suite for your software. Experimental version testers can receive your product for free to use. Then, they make suggestions and feedback about features or find bugs.
If you've started, you'll need to do a lot of research to determine whether your idea has a place on the market or not. Use the answer the public site, you can type a keyword and see all the questions that real people have searched for this topic online.
For example, type "freelancing " and read the results that appear for you. This is an easy way to learn about the problems people or things want to know more about. You should talk to people who want to attract them and find out what they love and what they dislike in products like your products. Do not assume that you know the features that your ideal customers want, take your time in searching and testing.
Don't try to serve everyone.
Just like the mistake of assuming you know what your customers want is to try to be everything for everyone. Your target market is not "everyone ". Your market must be a small fraction of people who have a specific problem that your product solves.
For people who have websites, they must know what works on their site and work to improve it in order to increase conversion. Google Analytics helps you find out where your customers come from and how many people visit the site. Once you know your target market, marketing them becomes easier.
You don't just need to know what problems they face, but you need to know everything about your target market. Where they live? Where do they surf the internet? What is most important for them in the product: saving time, price and certain features? You should be able to answer these questions before you start marketing
One of the strategies to ensure that your product is suitable for your target market is to build a so-called "viable product". Then test it with a small group of customers.
You must have a clean and simple design, even if not the final design interface that you want. Think of it as a model of your idea, it must be functional and present something new to the customer. Let them test it, then use their feedback to improve your product in future releases. These comments can also provide valuable testimonials that you can use and should be used in your marketing materials
Stop holding unnecessary meetings:
Meetings are the main reasons for lost productivity
Many successful people and those with high productivity avoid meetings as much as possible, because some of them may last long. Before the meeting starts, it must be assured that the time has been set, and it is advisable to avoid frequent meetings, especially if the task can be accomplished by other means without a meeting.
That doesn't mean you have to get rid of all the meetings. A common way to keep everyone informed and manage projects is to hold regular daily meetings. These are also known as "scrum meetings " or "groups ". It comes from Agile project management philosophy and is commonly seen in software companies. Where they are held while standing, this helps to keep them short. It should only take 10-15 minutes. It means as a way for all employees to briefly indicate what they are doing and whether they need any help from their teammates.