9 MISTAKES THAT KILL STARTUP
BAD LOCATION
The location of a business is the place where it is situated. There are a number of factors that need to be considered in choosing a location for a business. One of the earliest decisions any entrepreneur has to make is where to locate his or her business.
SINGLE FOUNDER
By far the biggest challenge for a solo founder is fundraising. The fact is, it’s really hard for one person to run a company, especially in beginning. This makes the whole endeavor much riskier, which naturally gives investors a moment of pause.
RAISING TOO LITTLE MONEY
Lack of Proper Marketing
Getting and Retaining Customers
Money Management
Maintaining Online Presence
HIRING BAD EMPLOYEES
Absenteeism – bad employees tend to be absent more often. This either slows down your teams’ work or requires expensive temps. Less revenue –weak performers will generate significantly less revenue than their motivated peers.
NOT PUTTING IN ENOUGH EFFORT
Putting in that effort every day is more important than any natural talent you might have. On top of that, the grit you exhibit as you work toward business success can lead to learning new skills and building on that natural talent. Grit also allows you to identify opportunities and take advantage of them.
BAD PLANNING/ STRUCTURE
Unrealistic Financial Projections
Not Defining the Target Audience
Over-Hype
Bad Research
No Focus on your Competition
Hiding Your Weaknesses
Not Knowing your Distribution Channels
Including Too Much Information
WRONG AUDIENCE TARGETING
Wrong age, Incorrect gender, Markets with Barriers, Wrong Market Life Cycle.
CHOOSE THE WRONG PLATFORM
Platforms fail for four reasons: (1) mispricing on one side of the market, (2) failure to develop trust with users and partners, (3) prematurely dismissing the competition, and (4) entering too late.
POOR INTERNAL MANAGEMENT
When a company operates without an effective system of internal controls, employees complete job tasks in an environment without the assurance of personal safety. This leads to high rates of employee dissatisfaction, absenteeism and low rates of employee retention.
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