18 Mistakes that kill your startup

Building a company never comes easy. Here are some of the mistakes that kill your startup without you even realizing early in the journey:

1. Single founder – A single individual working on a plan restricts the idea flow and generation. Two or more individuals might sometimes engage in conflicts but the important part is diversity of ideas comes with more and more individuals and you never know what hits when.

2. Bad location: No matter the greatness of an idea, a startup might fail if the selection of location is not done thoughtfully. Every location comes with supply and demand factors which play a key role.

3. Marginal niche: The selection of a wrong niche might bring you down even before you enter totally into it. Decisions on selection of the right niche should be taken with care.

4. Derivative idea: Deriving an originally existing idea in the market might sometimes not work in your favor. It’s important to work on it.

5. Obstinacy: An inability to adapt to the existing market conditions might kill your startup. You need to change or adapt yourself to the changing market patterns if your goal is to survive for a long term in the industry.

6. Hiring bad programmers: Human resources play a major role in any startup, which shall not be ignored at least during the initial days of the startup. Hiring bad will only bring in trouble and inefficient utilization of resources.

7. Choosing the wrong platform: Scaling your business will only be possible at the right platform. A constant trial and error would kick your startup out of the industry and you wouldn’t be able to help it.

8. Slowness in launching: Waiting for too long to enter the industry would only lead to constant worry and stress regarding it without it giving positive results later.

9. Launching too early: Launching a product too early in overexcitement would lead to failed launch. Early launching is done in a hurry without studying the important aspects that govern the launch.

10. Having no specific user in mind: Not every single individual will be interested in your product. You have to study the minute details of who would be your customers and who would not be. Inability to understand this might shatter your business down in no time.

11. Raising too little money: Raising money just for the sake of it might only lead to its wastage. Too little money might not lead to proper execution of your set plans and result in inefficient utilization of available resources.

12. Raising too much money: Just like raising too little money can be dangerous, raising a lot of money can lead to increased liability and obligations to be fulfilled in the near future.

13. Spending too much: Spending a lot of money on unnecessary stuff is definitely not something you would want. Keep your finances in check and see yourself shining bright.

14. Poor investor management:?Investor and investment management is a key area of financial management. Early in the journey, finding the investors to fund your startup might be difficult but once done, managing them becomes the crucial part.

15. Sacrificing users to (supposed) profit: A startup in its early stage might not bring in much money and you might even run in losses. But it’s important to understand that this is temporary, whereas the users and customers that you retain can be permanent if properly taken care of.

16. Not wanting to get your hands dirty: Being stubborn and not wanting to involve in all aspects of your business might lead to bad consequences in the future of your startup.

17. Fights between founders: Fights and difference of opinions are natural. But all these things should be kept private while simultaneously making an effort to resolve them.

18. A half-hearted effort: Put in efforts whole heartedly or do not put in any effort at all. A half-hearted effort will only lead to wastage of time and efforts without giving any result.

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