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Posted by K BenjaminBack to Conversations
With the growth of digitalization and a paradigm shift in work culture, startups are popping up like mushrooms all over the world. All of them are innovative and fun places to work in. Startups are different in their own merit from established corporate firms. For instance, in a startup, employees are not bound some set rules and regulations and enjoy the perks of flexible working hours in contrast to the employees of a big firm. The relationship between the management and the employees are quite impersonal and thus helps to improve the quality of the work. Since the organizations are small, the workplace is more enjoyable and the employees are more of friends and family than colleagues. However, on the hind side, the lows can be very low for a startup and might lead to the closing of the company. So if you are working in any startup firm, here are a few mistakes you might want to look out for.
The Money Making CEO:
While running a startup can be interesting and satisfying, the most boring job it offers in raising money. The directors and CEO may be super busy catering to the requirement of the investors, in a pursuit to secure more funds, but it is futile. In fact, that time can be used to develop the product or service which can fetch thousands of dollars. Of course, it does not mean that as a CEO of a startup you do not try to raise money. All you need to do is find an appropriate time so that you can pitch in your business more confidently and thereby secure the amount you wish for.
Rich Planning with Poor Execution:
Though the world celebrates great thinkers and extraordinary minds, it is Doers who must be celebrated. It takes a huge amount of dedication, hard work, and effort to change one’s life and the life of others. Mere intentions don't bring in concrete results. Similar situations are faced by most startups. While the directors and CEO get themselves stuck in a whirlpool of some great ideas, they usually do not have the budget to accommodate them all. Thus when seized by some great ideas the next time, try and sort them out in chunks, analyze their priorities.
Have you ever seen a pack of foxes? Have you noticed that when one barks, all the other members in the pack just follow? Well, if you see something similar in your company's group meeting then there might be a problem there. Many a time, in a group meeting everyone agrees or nods to one view and do not present their own argument, which can actually be dangerous for the health of the startup. Such an attitude shows that the employees are not channelizing their thinking effectively, or maybe lacking enthusiasm. Of course, one should not debate for the sake of debate, but there must be a plate of ideas to choose from.
The bright futures of many startups have failed because the Founders have quit their dreams midway. The challenge does not lie in developing an exciting product but facing the consequences after it has been released in the market. No company can be successful if it sits idle after a product release waiting for the product to work its magic. One must get down in the mud! Go to the market test run your assumptions, get feedbacks and try out something unique each time! So before you think of starting a startup, be ready for a faceoff battle for at least 5 years. Nothing in this world comes easy kid, and definitely not success.
Learn How to Learn
Mistakes have been committed in the past and they still continue. It is okay to commit a mistake or two, but one has to learn a lesson from it, and that is where the startups are falling face down! There are hundreds of growth hacker tools out there, but committing the same mistakes big companies have committed in the past, won’t work. In order to rise above such mistakes continuous learning is crucial, and what better place to get it from other than the internet? But one must identify the noise of repetitive, advertised content there and look out for things that are fresh and can be effective.
Categories: Just for Fun, Business FablesFiles: Growth_hacking_mistakes_that_can_kill_your_startup.png