1. Being spontaneous
Being spontaneous is not the attitude to opt for while setting a startup. To achieve milestones planning is crucial. It is important to have a deeper understanding of your business model, marketing plan and financial status in order to be able to cater to customer needs. Planning gives a direction on how to and what to proceed with making it easier to tackle problems.
2. Less importance to marketing
The most common mistake startups make is avoid making marketing and sales their prime focus and think that just by being out there they will be able to expand their business. Marketing and sales are two very essential components and must be given importance due to their ability to create strong customer base if done the right way. Marketing helps one to know their target audience, which cuts down half the work making it easier for them to plan their conversation and strategies around and according to that specific audience.
3. Underestimating your competition
It is completely okay to do your thing but it is not very wise to ignore your competitors and their reach in the market. Having a perception that they may never reach where you are right now or vice versa may lead to you ignoring small areas where you can improve and outdo yourself. You should be well updated with who your substitutes are and their weaknesses which would help you to take an advantage out of their weaknesses.
4. Not standing true to your commitments
Starting a business requires one to be hardworking and delivering work as promised. Without the proper dedication and the zeal to ace success won’t come your way. The most common mistake startups make is over-committing and under delivering the task which was handed to them. This leads to negative brand image making startups lose both existing and potential customers. Making customer satisfaction should be every startup’s prime focus. The mantra to get 100% customer satisfaction is to take commitments seriously and pay attention to every detail of customer requirements.
5. Doing everything on your own
While setting up you may want to take care of everything on your own with the thought to gain experience and learn. But is wise to build a team and reduce the workload to focus on areas that require undivided attention and expertise. Employing and allotting a task to each employee as per their area of expertise can prove to be more beneficial.
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