Are you planning to make your startup? Or are you a budding startup owner? Here are some mistakes that you might believe to be small but which play a significant role in the downfall or slow growth of your organization.
According to research, the total failure rate of startups was almost 90% in the year 2019. With 21.5% failing in their first year, 30% in their second year, and almost 70 by the 10th year, you can quite clearly see how difficult it is to start a company from scratch and even to survive the very first year.
Source: Investopedia
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Here are some ways that might land you in the pit of bankruptcy and failure and how they affect your organization:
- Not having a sense of organization: (Stay organized and timely )
Keeping timely routines and schedules can be a lifesaver when it comes to the initial running of a business. Handling basic tasks like keeping tabs on appointments and critical meetings will not only help you stay organized but shows customers or partners your timely and efficient work patterns encouraging them to invest more in you.
- Not taking charge: (Always stay on top of things )
From keeping tabs on spending to company property, internal disputes, and day-to-day meetings and events there’s a lot to do as a manager of a new startup. You will have to be aware of the fresh hires being here for work experience and try your best to keep them in your company depending on their skills and to ensure that you aren’t losing any money to fraud within your company.
Staying up to date, whether it be about the daily market trends or those going on in your office would not hurt to know. These can give you a better understanding of the situation you’re in and the employees and situations you deal with.
- Using conventional business cards: ( Use Digital business cards )
The trend of using a paper business card is slowly dying with more and more companies shifting towards using electronic cards, from google and tesla to even the mega marketing giant target.
Digital business cards aren’t just a new fad. Business cards have almost become obsolete and here’s why:
- Digital cards are much easier to access from anywhere. With just a single card to put in your pocket, it doesn’t take much to send your details. Apart from this, there are several ways to transfer your data.
- Digital business cards provide contactless transfer of data which is particularly dangerous during this pandemic. With a single transfer of a card being able to spell your end customers will greatly appreciate the effort you put into their health and public welfare.
- Apart from all these benefits, when you’re opening a startup, you might have to spend hundreds if not thousands on business cards. With digital business cards, you can save all this money.
- Finally, the environmental benefits are simply unquestionably better than traditional business cards.
- Trying to associate your business around a product: (Learn to be free of a particular type of product )
Just because you have started your work in one particular department does not mean you should stay restricted to it. This is almost certain to ruin the creativity of your team and the amount of place you hold in the market.
The same goes for specializing too early.
- Trying to scale up as fast as possible: ( Take your time growing used to the business )
Having a strong understanding of the market will not only help you know how to work a better understanding of what you are doing, where you plan to reach, and how you want to be organized.
- Ignoring the numbers: ( Pay attention to the numbers )
The numbers have a meaning behind them, not a single number is worthless. A lot of beginners make the mistake of following a general market trend. However, a tried and true method for any company is to pay attention to these numbers and follow them.
Maintaining a successful startup is a lot harder than it sounds, however, for those who succeed in it, the confidence, self-belief, and status it leaves you with is immeasurable.
A risky path could lead to great gain or loss.
