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How to avoid your start up from failing?
Every start up entrepreneurs is packed with full enthusiasm and task of starting of company and making it successful ventures. But as we all know on a scale of 10 start-ups only 2 or 3 survive the golden 1000 days. The major reasons for failure of start-ups are attributed to many causes. Having enthusiasm to do things and grow up is good but sometimes down the line it becomes too much of confidence that entrepreneurs completely forget their own goals in defending their decisions.
1) Be flexible with changes in the actual conceived idea / service / product have flexibility in making changes. Remember survival of the fittest what Darwin said any species which undergoes adaptability and survive the changes are the one’s which stay and rest perish. Don’t get into blind spot what you think is always right.
2) Don’t start a company with thought of getting funded at the idea stage, when you decide to work on your dream product / service as your start-up company don’t think that it will be funded next day and you have all the money to start. Remember you are taking untrodden path if you do it successfully other’s follow you.
3) Think ahead and understand the market demands, whatever service / product you conceive have clear understanding of market for your products / services, have good understanding of insights of your customer and don’t think I am just looking at 0.01% of the market that I have, and these statements look good on power point presentation not in reality. Have clear check of reality.
4) Have clear understanding as to what scalability can be brought in to your idea in the initial stages, it cannot be that you will be the next Google, understand what you can achieve in the initial stages don’t bench mark 5 year goals, next 5 years I want my company to become this or that. First understand to what extent the scalability can be brought in, don’t make statements like whole of India is my market and I can scale.
5) Have complete faith in your co-founders and team, remember that there is no I in the team, believe in ability of others with whom you start, have clarity on roles, responsibilities and remunerations. Remember United we stand and divided we fall.