As we all know, mistakes are meant for learning and not repeating. It is said wise men learn by other men’s mistakes. These sayings can be best suited to an entrepreneur’s life. When a young investor or a businessman starts a company, he is likely to make mistakes but learning from others and trying not to repeat those mistakes is what makes one stand out from the crowd.
Here, are some Startup mistakes one can not afford to repeat again.
1) Clinging To The Wrong Idea
Often people tend to enter into an unfamiliar market and tend to fall in love with their original idea and somehow fail to recognize how much it is failing. First, one must try to evaluate how your product fits into the market. For instance, if you launch a product, keep a watch of its market growth for about six to 12 months, if there are no such signs of growth, then something is really wrong. Keep a close eye on it.
2) Underestimating How Long Sales Take
Many companies run out of money because they are too aggressive in overestimating their timelines. Sales do take time. After getting through multiple levels of approvals, the implementation process starts. If your business plan doesn’t account for that, then you might be in trouble.
3) Believing That You Have Competitors
Firstly, confidently believe that there are no real competitors. Usually, no competition means no market. If the competition is minimal and the market is new, then cost of educating potential customers will surely exceed your survival time and budget.
4) Counting On Friends And Family While Starting Up A Business
Every Startup business needs real dedication, a handful of skills, and experience to survive. Counting on friends and family will not be a good idea before setting up a Startup business. It is probably because the near and dear ones usually end up saying what you wanted to hear rather than what you need to hear.
5) Fearing Failure
Winning or losing is all part of a game and so is a part of life. Failing in a business does not mean you have to discontinue the business. It just means that you ran an experiment which will improve your next business. You will surely learn something new and you can apply that lesson to move forward and make your business better.
6) Money solves everything – it is just a myth
There is a strong belief among young entrepreneurs that money solves everything. If they can raise another round of financing, their problems will be solved. But this isn’t true in most of the cases. It cannot solve a fundamental issue with a business model. You should probably fix the problem first and then raise the second round of money.
7) Failing To Delegate
This is one of the most classic problems in the management yet so far. When things fall apart, rather than give up control and take the reins, you end up doing everything yourselves and fail. So the alternative is to delegate. Start by drawing up a process and maintain a guidebook for how to do things for the way they should be done and your employees will surely have the direction they need.
Hopefully, these guidelines will help you to conquer the world!
How To Deal With Credit Stealers At Work
At every work place, there are several dynamics. However, to narrow down the topic here, there are two types of people to pay attention. The first are the kind who make sure they get the credit for their work. The second is the kind who pretend to be your best friend at work and end up shoving the knife deep down your back when you turn around. When people come and try to burst your bubble about the work, you feel betrayed. Why not? You put in the hard work and there is no credit coming your way. A certain Mr. X has this problem and he wonders how to deal with such a situation. If you face issues like the unassuming Mr. X, then these tips could work for you!
1 Take it as flattery
The saying, “imitation is the best form of flattery,” did not come from thin air. When working, it is quite easy to take credit from other people. However, when people chose to take credit for X’s work, it clearly meant he was brilliant at his job. Take it as praise for your ability, despite there being no quantifiable praise directed toward you.
2. Outdo Yourself
Every time someone takes credit for your work, it makes you want to push yourself harder and outdo yourself every day. Mr. X learned this the hard way and this made him so much better at his job than earlier! Think of Apple in this scenario. Samsung is always trying to be on par with Apple and seems to do a good job with the imitation. However, Apple remains undeterred and works at making sure it gives its fan base something new to look forward to with every phone!
3. Take a look at your insecurities
One of the main reasons credit stealing happened to Mr. X was because of how insecure he is with his work. Are you fuming that someone took your credit for something? Why? Is there an insecurity that has been unveiled, which led you to be so infuriated? Have you been looking for praise as a validation of your ability in something? Realise the “Shakti” in you and take let the world know you are not to be taken lightly!
Everyone has a point of view. Everyone puts in the same (some more) effort into their work. Give credit where credit is due and only take credit when you know your work is flawless and perfect!
Why Is Competitive Advantage Important For Your Start up?
The very first thing a start up does before flourishing in the marketplace is, develop a market plan! The market plan comprises of many factors, however, the most important is competitive advantage. So, what is a competitive advantage? It is basically anything that sets your business apart from another. Any firm requires a competitive advantage to make its presence felt in the business marketplace. Only then, can you differentiate your start up from other existing firms!
The significance of competitive advantage!
The start up world has been evolving with each passing day! The competition is getting intense like never before. So, how do you create superiority when compared to your rivals in the business market? Develop a brand recognition that a company either delivers quality products at a lower cost than the competitors or, offers various services at a greater value when compared to the competitors! Ensure that your products or services are better and best in terms of quality! This could create popularity among the consumers and they would spread a word which in turns makes your brand recognizable. Consumers could recognize your brand easily and prefer choosing you over others! When you establish an effective brand name, customer base becomes extremely powerful resulting, in customer loyalty. Isn’t that pretty much any firm would love to have? Having your customer come back to you over and over! Apart from this, when you establish an effective competitive advantage, you could develop the reputation of offering the best service or support in the industry which allows your company to charge more for your offering! This makes your investments in the firm all worth it, right?
Listed below are the parameters that you should consider while developing a competitive advantage for your start up!
- Quality of the product/service
For example, the famous fast food chain McDonald’s competitive advantage relies on a cost leadership strategy! Likewise, the technology giant Apple, is quite famous for its innovative products! This is how you differentiate your company from others! You discover and develop a unique strategy for your firm! However, at the end of the day, it is exceptionally important to keep a track of your firm’s growth in the marketplace! Find out what is working and what is not! With time, if something doesn’t click then work on it along with your marketing team and implement the change!
So, if you develop a great competitive advantage in the market, you could survive in the long run and become a market leader! A competitive advantage could make you or break you! In today’s competitive world, standing out from the crowd is essential! The best strategy for your company is to focus on improving the quality of your product or service so that it is universally recognized as being superior to anything else available! So, choose the path wisely in order to create a better competitive advantage for your start up!
Here’s Why Hiring Millennials Is A Good Idea For Your Company!
In the upcoming years, millennials will become the largest employee demographic around the world. Millennials are big hustlers who embrace their work with passion and dedication. They love to explore and opt for new adventures. They basically have a sense of fulfilment with regard to everything they desire to achieve. They are highly motivated and have a zeal inside to accomplish their tasks. Their aim is to climb up the ladder of success with immense knowledge and become wiser. However, due to various reasons, millennials find it very difficult to land a good job.
Gone are the days when money was the only motivational factor of a career. Millennials are highly cost effective. They work for lesser pay when compared to the regular workforce. They are pretty much focused towards embracing newer opportunities and progression. Not only that but they are also self driven. Alongside, they are team players! They love to collaborate with people and they get along easily. This work ethic helps all businesses grow as millennials are tolerant as well. Apart from that, they are highly creative with their ideas, generally, think out of the box and come up with the best solutions and ideas for the company!
Hiring young minds helps to keep your company up to date with the latest market trends. From marketing to finance, they excel in almost every field with their intelligence and smart work. You could build a relationship and offer millennials an opportunity to grow with your company and in return, they will reward you with hard work and determination.
Listed below are the reason why hiring millennials is a good idea for your company!
- They are proactive
- Easy to work with
- Follows up the latest trends
- Highly cost effective
- They are fun to work with
- They are optimistic
- They are techno junkies
Today’s competitive market demands the best talent possible! So, in order to grow your workforce and attain maximum productivity, your company should definitely consider hiring millennials!
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