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Monday, 13 April 2015

7 Mistakes That Can Kill Your Startup

7 Mistakes That Can Kill Your Startup:

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Sunday, April 12, 2015:  Creating a successful business that radically changes the world is not at all easy. Entrepreneurs face lot of roadblocks in the business journey. Most of the times, they miss out on most common things and end up making mistakes. There is no formal recipe to startup success but, there are many mistakes that can be avoided to survive the initial roadblocks. Today we have listed top 7 mistakes that can kill your business.
startups, roadblocks, entrepreneurs mistakes, startup founders, bad location, marginal niche, derivative idea, obstinacy, bad hiring, wrong platform raising money for startup, successful startups.

1. Bad Location

Location is everything for any business. Even in startups, if you are in a bad location, you can’t do much to grow the business. It is easier to move the startup. If your startup is in such location where there is no demand for your product, you cannot change the nature of the location.

2. Marginal Niche

Choosing niche startup business model may help you gain some traction in the market. You must not be afraid of competition. Always remember that competition is healthy and it will keep you motivated to stay ahead of others.

3. Derivative Idea

Idea of product is equally important in any startup. If you are starting a company with some disruptive idea, there are fair chances that you will stay afloat. If you are out there to copy some other company, you are more likely to fail.

4. Obstinacy

Obstinacy is basically inability to adapt. Startups need to be very tangible and adaptive. Your product can survive only if you keep it updated. You cannot expect to have success with outdated product concept. You need to speak with users and develop a product that meets user requirements.

5. Bad Hiring

Business is all about people. You must be very cautious while hiring people. Hiring a bad programmers can lead to failure. Startups work on very low cash-flow. In such situation, it is very important for founders to make tough hiring decision.

6. Wrong Platform

Choosing a wrong development platform can affect startup’s success. You need to scale up and think before choosing a platform for your product. User base and future projection of the platform affects the growth and ultimately revenue.

7. Raising Too Little Money

In startups, you get what you spend on. Your company will mostly likely go down if you have too little money. You cannot expect to flesh out your product to its full potential with too little money. Spending too much before you grow can also be disastrous.


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