How to fail a startup? Yes you have read it right. For a startup to be successful hard work, dedication and zeal to work is needed. But to fail a startup you need not to try hard. If all the things are going right in your business, still there are ways which gives you guarantee to fail a startup.
- Don’t delegate work to others: Delegating work saves your time to do other necessary task and your employee to prove qualities and efficiency of themselves. But by doing every work yourself, degrades employees working capability and efficiency, along with that it will waste valuable time for all. By following this you can easily move one step close to failure.
- Frequent fights with co-founder: Unity always creates magic but if you want to fail your business have battles with your co-founder frequently and definitely you will get result in no time.
- Don’t listen to your Customers: Reviews from user is best gift for a businessman to flourish and improve its business but if you are not listening to your end customers and are sticking to your own plans, you have full changes to downgrade your business.
- Empty pockets before becoming profitable: Money matters!! Yes money (capital) is soul of any business to keep it alive and running, but if you are unnecessarily increasing business expenditure before it is profitable, surely your business is at the verge of failure.
- Create imaginary users to show fake growth: Real customers mean real business, but if you are making bot users it is attractive for short span but in long run it will hamper the progress of your business.
- Hire more employees: In Business startup you also need few employees to help you out, but if you plan to fail your startup hire more employees than required to increases unnecessary financial burden on you and your business and slowly leading to demean the company.
- Raise so much money that you not able to show growth in next round: If you raise prices of your services or products for earning more profit, slowly but surely customers will depart from your products and services and you would not be able to show growth in next round of business. A future prediction of doom.
- Don’t value your employees: It is said that “If you take care of your employees, your employees will take care of your customers and your business will take care of itself”. The workforce of any company or business is its most valuable asset but if you are discounting them it will surely influence progress of your business.
- Breakdown from overworking: “Working yourself to the bone is not success”. If you are ambitious and ready to do hard work that’s fantastic. But if hard work is transformed into overwork, it may create problem in your voyage of success. So overwork and be closer to a disaster.
- Built what you think people want, even if it is not required: Startup basically starts with the motto of solving problems of customers or users where solution is still not found. But without doing survey over that problem if you start to serve customer by your business startup, there may be possibility that your product or service will not conquer heart of users, result in non-functioning of business.
These are some small but interesting facts which will definitely lead to depths of failure and not towards success. So, for successful business startups try to pay attention to these as well. As much as it is important to focus on success factors, it’s also necessary to avoid these failure reasons for your startup to flourish.