Top 5 Mistakes Every Startup Should Watch Out For

The last decade has been described by many, as the ‘era of entrepreneurs’. And the emergence of so many start-ups all around us is a testament to that claim. However, a study suggests that more than half of such start-ups are shut down within a year of their launch and more than 2/3rd of them close operations within a couple of years. And in most cases, it happens because of few mistakes that is seen across many of such start-ups.

Mistakes Every Startup Should Watch Out

Mistakes Every Startup Should Watch

If you are a budding entrepreneur and planning to launch a start-up then we present you these top five biggest mistakes every startup should watch out for (and you should try to avoid).

1. Lack of Understanding of Their Market

As obvious as it might sound, this is one of the biggest reasons why most new start-ups fail to succeed. In their enthusiasm to get the company started and running, most new business owners fail to understand the market and their prospect customers and clients. You simply can’t afford to build a business model without understanding your target users first. It doesn’t matter if you plan to build a product aimed at a specific group of users or your start-up is going to offer a range of services to a group of clients and customers, unless you spend time understanding what your users and customers are going to expect from your product or services you can’t succeed.

Imagine a start-up that plans to build a software on SaaS model, offering Casting Crews and Production Houses an app to automate their casting process and imagine if the creators of this app never dealt with the Casting industry and hence didn’t understand how it works. Similarly let’s suppose a start-up is launched offering various Software Outsourcing and IT Services to corporate customers. For such a start-up to succeed the founders should first have the understanding of how software and business process outsourcing works and more importantly, why clients decide to outsource IT work.

2. Lack of Proper Planning

Conducting in-depth planning is a critical first step for every entrepreneur. And yet, this is another most common reasons why most new start-ups fail. Most of these entrepreneurs fail because their original business model was not viable, in the first place. You may be very brilliant at what you do, may have a great team with you and good investors but if your business model is faulty then you should fix that first before launching the company. Most young entrepreneurs are prone to get overexcited over an interesting business idea and forget to look for the facts about how many customers and clients will actually want to use their service or product and this often leads to their downfall. If you want to kickstart an eCommerce website, then check out these places for online business ideas.

3. Inability to Put Together a Great Team

This might sound like a non-issue at first. Especially for the enthusiastic and confident entrepreneur inside you who thinks it is easy to gather a team quickly and hire loads of interesting people on board. However, truth to be told, building a great team is an art in itself and requires lot of patience, hard work, networking and… sometimes, money. You might be one of the brilliant minds in your field at the moment but running a company is a tedious job and requires contribution from other team members. At first you may get away with doing everything yourself but there will be soon a time when you’ll need a team to get things done. And most new start-ups who fail to realize this often fail during their first year.

4. Lack of Marketing Efforts

It is easy to fall into the trap of believing that, ‘you build a great product and they will come automatically’. And this trap often leads start-ups not to plan or keep a separate budget for marketing. Such entrepreneurs owners believe marketing is an unnecessary expense, while, on the contrary it is even more important than sales. But many new business owners confuse marketing with sales and it leads to their downfall. Letting the word out (marketing) should be planned even before you hire a sales team to start looking for prospects and clients.

5. Ignoring Criticism

If you are the founder of a start-up then more often than not you will be willing to turn a blind eye towards all the criticism that you receive. The passion and enthusiasm of their idea leads to certain amount of bias and as a result many new entrepreneurs often disregard their critics even though they are valid. In long run, this can lead to accumulation of problem areas in your business and in cases they can grow enough to cause your company’s downfall. The ability to listen strong criticism and take necessary actions can go a long way towards helping you learn from your mistakes and grow as an entrepreneur.

How To Get Free Social Intranet For Your Startup

Running a Startup? Then you must have known Bitrix24, a free social enterprise platform for small businesses. Bitrix is a company dedicated to exceptionally high standards and to the need among SMBs for advanced business communications platforms to bridge them with their customers (Internet), partners (Extranet) and employees (Intranet).

Bitrix24 is a new SaaS product based on Bitrix Intranet and features flexible collaboration modules, highly simplified deployment procedures, and advanced security mechanisms. Now here is a chance for you to get a free Social Intranet for your startup. Just fo the following steps.

  • First you have to create and name your own Bitrix24 social intranet. You can start it by registering a free account there
  • After creating your Bitrix24 account, add few details about you and your team in this form.
  • bitrix24 form

  • After reviewing your information they’ll confirm your startup status. Then they’ll switch your free subscription to a special 1-year startup license so that you can benefit from all the exciting tools and features of their service absolutely free of charge!

Why Bitrix24?

  • Set up your Social Intranet with a bult-in CRM in just 2 minutes for free.
  • Create and manage an unlimited number of projects.
  • Share files and discuss ideas with your colleagues and partners.

If you are running a startup, then you should check Bitrix24. Do tell us your views in the comments below.

6 Entrepreneurial Lessons From Shabda Raaj Of Agiliq

Shabda RaajToday we are talking to Shabda Raaj, one of the founders of Agiliq who started in 2009 after working at Oracle for a few years. Shabda loves technology and he loves taking part in making the Internet better everyday by building amazing apps. Here he shares some tidbits about what he has learnt.

1. The journey of a thousand miles begins with a single step

Google started as a graduate research project. Yahoo! was just a list of sites which Jerry Yang maintained. Facebook was something Zuckerberg did to connect with his fellow students. Don’t start with grandiose plans. Just start.

He started Agiliq with just two people in 2009 and about $10K. He hopes to make it a billion Dollar company by the time he done with it. 🙂

2. You have to keep the faith

As Steve Jobs (Apple) said,

“You can’t connect the dots looking forward; you can only connect them looking backwards.”

Entrepreneurship is a roller coaster ride. You are on top of the world, making all the money you are gonna need, then your key clients leave you, the key people leave. You feel like your company going to gutters. You have to keep the head down and continue moving. As they say, “if you are going through hell keep going”.

3. Keep your focus

As a small company, you will have many distractions, many ideas which will seem to be good. You have to keep your focus in spite of temptations. He sees so many companies which do everything and the kitchen sink. They do “Web Design, Web Development, SEO, video, and everything”. But Agiliq does just two things Django Web App development and Mobile web development Using Sencha. Their clients love that they are so focussed.

4. It takes time

They started Agiliq in 2009. They have been growing slowly but steadily. You have to give time for the business to grow. If you look at Instagram and want to make a billion dollars in 18 months, lottery may be a better path than Entrepreneurship. It’s said “It takes 20 years to become an overnight success.”

5. Business is about people

You might think that software business is about computers, and you would be completely wrong. Your relationship and reputation are your biggest assets. You need people skills to work with clients, colleagues and contractors. Among everything they do at Agiliq, the thing he is most proud of is the team they have built at Agiliq.

6. Expertise pays

People skills will help you make the initial sale but ultimately its expertise which brings home the money. They have always been very focussed on making sure their team is skilled with the best skills and knowledge, and has the best expertise available in their technologies, Django and Sencha programming.

Some More Information About Agiliq Solutions

Agiliq SolutionsThey are a Pvt Ltd company based in Hyderabad, and their legal name is Agiliq Info Solutions India Pvt Ltd. They have clients based all over the world. Their site is Agiliq.com and they maintain a blog at agiliq.com/blog. You can also find them on Twitter, github and Facebook.

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