By Neviya Laishram
Everyone dreams of owning a business; but is starting a business easy? No, it is definitely not easy to enter the huge market where business giants have a tight grip on. Today, startup entrepreneurs around the globe are trying every possible ways to take their startup off the ground and make a mark in the business world, but some startups remain unsuccessful for several years and few, forever. This may be due to the globally prevailing red flags which startup entrepreneurs are unaware of. In order to be successful in this gigantic market, a startup entrepreneur ought to be cautious about these red flags. We are listing some of them below:
Founder who is stuck with the wrong co-founder(s)
When it comes to starting a new business, one ought to be extremely watchful in terms of picking the right co-founder. For every step involved in your startup, being with the right co-founder is apparently the most imperative as a wrong marriage may lead to divorce.
No clear go-to market strategy or concept
It is mostly found that startups who land in the business world with a dubious go-to-market strategy fail dramatically within a few months of inception. A no reason business is similar to no reason relation. Who will like to pursue such relation?
As per a research, SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis plays a key part to figure out the purpose of existence. However, to make a mark in the business world, one ought to be very logical about its marketing & branding strategies. Thus, the objective of the business should be ‘SMART’ –Specific, Measurable, Achievable, Realistic and Time bound.
Lack of Passion and Creativity
Building a startup in this giant market is by no means an easy process. It is a lonely path with challenges and loopholes. Sometimes a little slip of yours can make you drain – physically, mentally and emotionally; but that doesn’t prove that those problems are unsolvable. To defeat those obstacles, it is important for startup entrepreneurs to be able to stay positive, focussed and motivated.
After all, fruitful startup entrepreneurs are those who are passionate about their company, persistent and exceptionally creative to win the competition. Pushpendra Sharma, Founder & Managing Director, Mantraa Ventures says, “Building your startup is not at all easy, so you need to believe in yourself, be passionate and work hard to achieve your goals. Never quit in what you believe in. Be humble and grateful for what you have. While building your startup your talent alone doesn't matter, it is what you do with your talent that matters most. Take small steps, move forward, fail fast and fall forward”.
Sometimes entrepreneurs are over excited in the zeal to be a Jack of all trade, they often fail to understand the fact that they are transforming into a master of none, which might ruin their long-cherished dream of standing tall in the fierce business world. Thus, rather than doing multiple great things at once and outrun their resources, it is better to focus on one task and succeed in that.
Tushar Vashisht, Co-Founder & CEO, HealthifyMe, says, “Ensure that you are focused on one channel and one focus set of consumers to being with. Also come up with MVP for that consumer and launch. Then iterate till that’s successful. Only then add more # of customers/channels”.
As a startups entrepreneur who land in the business world should not fright to take risks and to lose a little along the way. For startup entrepreneurs, a significant risk is important to grab quick gains in market. In fact, risk plays as an integral part of an entrepreneurship as the flip side of risk can often roll on to opportunity and reward. Hence, resourceful risk taker always discovers ways to create value that lead to success.
Startup entrepreneurs are often so busy fire-fighting and micro-managing that they lose the big picture of valuing customer feedback. In order to grow a company, one must always value customer feedback and be open to change (pivot, if you have to) as long as you are adding value to your users by either solving a problem or making things easier.