Startups are everywhere. Every day we see emerging startups in every niche. Be it education, healthcare, food or any other industry, startups are coming into existence and doing really well. When it comes to startups, there is always an idea behind followed by the execution.
Beginning a startup might seem exciting but can be quite challenging, to begin with. No matter what kind of industry you belong to, there are always things you need to know about startups. For the past few days, I was going through some of the newly emerging startups and I came across many of them with brilliant ideas and more importantly with better execution.
One startup that grabbed attention in the healthcare niche was Healthwire.pk. The startup recently made it to the headlines due to the recent fundraising event. But their overall idea to build a healthcare ecosystem was something that drew my attention. So, innovative ideas undoubtedly come first.
What are Biggest Startup Mistakes People Make?
One of the common questions that arise when people are trying to begin their startups is what are the common startup mistakes they need to avoid. The reason is simple! Startup failure is a thing. Talking about numbers, in 2019 startup failure rate was 90%. However, avoiding the common startup mistakes can save you from the bigger loss.
In case you are also wondering what these are, then you are at the right place. Here are some of the common startup mistakes that need to be avoided, including:
1- Not Enough Planning
You came with a brilliant idea and are all set to rule the market but have you planned things well? If your answer is not yes then there is something you are lagging with. An idea alone is not enough unless you have got a proper plan for the execution. Build your plan both short-term and long term. Planning and setting small measurable goals is something you need to do. Before you actually step into the market, know that planning is worth all your time and efforts.
2- No Product Differentiation
No matter what your niche, there are already existing companies serving customers. If you want to add a remarkable impact on your consumers, try to come up with something better and different. No matter if it’s the efficiency, features or cost, work on building your product better every single day. The more time you spend on your product improvement the greater impact it will create.
3- Not Understanding your Audience
Not being able to understand your audience right is something that can be the reason behind your biggest downfall. Understanding your audience is your real asset. The better you understand their needs, the better you will be able to cater to their requirements. Working on your audience, their requirements and of course understanding their concerns can be your sure shot towards a successful startup journey.
4- Not Choosing Investors Wisely
Investment is one of the key things that affect your business plan so make sure you choose your investors wisely. Not paying enough attention to the red flags while choosing your business investors can be one of the biggest mistakes that you could ever make. Create the checks and choose someone who is good for both your sales and can work well with you.
5- Not Enough Testing
You want to do it as soon as you can… This is completely understandable but what if I tell you that this could simply ruin everything. Before bringing your product into the market make sure you do enough tests and trials and record consumers’ responses accordingly. Not testing well and launching in a hurry can simply ruin everything for you. So make sure that you test everything and do not miss any step in the regular procedure to minimize your chances of failure.
6- Not Hiring Smartly
Your business needs people and you may not be very careful with hiring but do you know that not hiring properly can wreak havoc. Not hiring the right people, hiring too early and hiring people without following proper protocols can make things more difficult for you in the longer run. So, make sure that you are smart with your hirings without overspending and taking too much risk.
There are a variety of startups we see every day. Knowing about the biggest startup mistakes can be important for you before you begin your own journey. So, make sure that you don’t skip the process and follow things right to begin your journey well.