7 Mistakes Startup Founders Must Avoid..
Got the opportunity to work with few startups to help them grow.
These are my findings:
1. Most of the startups miss the basics:
They give less importance to basics like signing agreements, proposal templates, professional customer interaction, taxation and get stuck early on.
2. Over-friendly with customers:
Some businesses keep over-friendly customer approach and hence find it difficult to get their payments at the right time.
3. Lack of long term vision:
They have started business and got few customers, but not clear about what they want in next 3,5,7 years.
4. Lack of market research and customer approach:
Some entrepreneur miss the overall purpose and hence they dont know much about their market and their target customers. They wanted to make some money and they just started the whole show.
5. Expecting quick growth:
Most of the entrepreneurs I talked with wanted quick growth and to run the business in auto-pilot mode within 2-3 years they have started.
6. Diversify in early stages:
This mistake most of us entrepreneurs do, including me - diversify the business early. Primary reason is, they are kind of bored with the present growth and business.
7. Not taking much breaks.
This is what I recommend to all startup entrepreneurs. Dont work for all 7 days. Take at least one day break. Workout everyday and take a trip or short vacation once in every 2 months.
Hope this help someone who are starting a new business.