Every year several entrepreneur comes up with innovative ideas for their startups but not all the startup founders are lucky, every 9 out of 10 startups fail in the first year. So, if you are also having an innovative idea or looking forward to start a startup. We have some tips for you, which will help you not to repeat the basic mistakes that most founders make.
Vision and Mission
Vision and Mission of a company is a soul of it and every founder must be clear about it before starting his own company. A startup without a vision or mission, is similar to a person who has no goals in his life and don’t know what he has to do next. A smart entrepreneur always has a long term vision and mission.
But if a person has a long term vision and mission would he be successful? The answer is no. Ideology of the company must resemble with the targeted customer because at the end of the day customer satisfaction is the only thing which will help you grow. So, always has a vision and mission which has public interest then only the customers will feel connected to your startup.
Neglecting your customers
As I mentioned, key to a successful startup is a happy customer. If your customer is not happy with your product or services then their is no way you can retain in the market. For every business, customer is next to God and no one would like to mess with him.
So, always listen to your customers and adapt the necessary changes that are required to make your product or service better. If a person has a bad experience then he won’t use your product again and also would do negative marketing of it which will be a big loss for you, because you will be loosing your potential customers and if you keep your users satisfied then the whole thing would be upside down.
Shooting unknown target
Marketing has a rule choose or loose. So, if you won’t choose a target audience for your product then you definitely going to loose. Before making a product you must know it’s essentiality and who would be it’s users. Starting a business without knowing a target audience is similar to shooting without having a target. In which you will keep on trying but won’t be getting any result.
A market research will always help you to know your target audience better and make a suitable product for them. No one can make a final product in a day, it takes time and understanding of the customer. The better you learn the better you will earn.
One man army
Don’t try to handle everything by your own, it’s hard to manage if you would try to do everything by yourself and also would be inefficient. Divide the work in the manpower according to their skills and caliber, don’t try to be a part of every activity (hiring, marketing, operation etc).
As a founder it’s your responsibility to grow the business with time. If you won’t be able to do so then all your effort will go in vein and no one would like to see their dream die. Focus on the growth of the company and set small milestone with strict deadlines, this will help you grow your business and also update about the teams performance.
Too soon or too late?
Their is nothing like a right time for launching a product. But one should be aware about the opportunity and threats involved with it. If you are not having any strategy against your competitor then you won’t be able to survive for long. The best way to tackle this situation is to do a deep research about your competitor, their product and strategy. Their is a saying “keep your friends close and enemy closer”. So, keep a track of their activity and make a strategy to put them down.
Your product must having something unique from your competitor’s because if you are doing the same thing then why will customer use your product when they already having an existing one. Unique product will always help you grow faster as their is no other alternative available in the market.