14 November 2018      +91-9767 460 399 milind.morey85@gmail.com

Top 11 Mistakes That Kills StartUps

I have been hearing it since I have finished my Graduation and got in to Management that more than 75% of the new business gets fail in first year itself because of different mistakes, I read lots of blogs and Management books and could understand that there are few Factors we should Considered Before Starting up and Few should Understand while doing it because you are doing it.

Even I am into Business since long time. There are Ups and Downs, Lows and Highs. I mean there is no Hard core Recipe for Achieving Big Heights over night.

So following are some of the Important Things you should consider while starting new Business.

The Purpose of a Business is to create a Customer Said by Peter Drucker.  I believe Everybody Knows about Market Research and does all of it before putting any damn Idea on Paper. But people who fail to get it understand at first place losses everything on the go.

Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it be secondary research (often referred to as desk research) or primary research which is collected direct from a respondent.

The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now the agenda of many organizations, whether they are large or small.

In Simple Words Marketing is the process or technique of promoting, selling, and distributing a product or service. Marketing is the Process which starts before your Product Evolved and works even after sales Service.  Following is the Complete Process of Marketing, Which everyone should understand before Staring up your Business.

Sheve Jobs Says “ We hire People who want to make the best things in the world. Even the Great Personalities don’t underestimate the power of Human Resource. Hiring Policies Should be Define before going for the Process. Their Attitude should be like Running their own Company.  Define the Goel | Eligibility Criteria | Exprtise | Experience | etc. before hiring people. Don’t hire over and below qualified person.

Once you Understand the Market and Customer , Lets Understand Your Competitors as these are the main threats for your Business. It has been Said Keep your Competitors focused on us while we stay focused on our Customers. So You need to focused on USP of your Product and understanding other things will give a boost to your Sales.

It has been said that “A 1000 Mile Journey starts with single Step”.  Long term goal is nothing but what you want to achieve in Next 10 years. Once you decide that you need to set mile stones year wise and you need to follow that. It will lead to the exact understanding of your final goal and your achievement so far.

a lack of determination to see the startup through to the end is not rare. If you feel like you have other options in life than building your startup, you will probably mentally hang on to them. So Setting priority is very Important. Lot of People simultaneously work for a company and work for ourself, but sometimes land up in a frustration because they can’t manage either of it properly. So once you set up your base while doing job. Just take a time and Move to your startup. If your aim is earning money right from start then business is not a good platform for you as it takes years to get settled. It has been said Save to Invest in Company and not Save to save in Account.

Framework in general is the essential supporting structure of an object. It can be a building, vehicle, or a website. Choosing a framework is basically the first step for a developer after accepting a project. It is also one of the most important steps as the framework will be controlling the limits and the future costs for maintenance of the website. Choosing the right platform for your business will enable success. Likewise, choosing the wrong platform can leave you without the proper capabilities to fulfill orders or add new website features. a lot of the Web Design companies around, only offer designs based on only one or two specific frameworks. This means that their clients might end up getting locked-in with a framework/platform that might not be the best fit for their need, but what the Web Designing Company is capable of providing

There is Always a Scope of development as par as Product and Services. When a customer experiences WOW, you are giving them a pleasant surprise. You are exceeding their expectations. You are addressing their needs thoughtfully and in unexpected ways. It is an expression of your authentic interest in the person who seeks your services, not just in the transaction. It is about making enduring personal emotional connections with empathy, generosity, and gratitude. It is about awareness of common human concerns that make a difference to each customer.

You Need to Customer Centric , Understanding his Needs and Wants and Delivering something extra will push you to the finish line. You should be very aware of a situation and ready to react quickly.

Around 40% of the world population has an internet connection as on date. In 1995, it was less than 1%.The number of internet users has increased tenfold from 1999 to 2013.The first billion was reached in 2005. The second billion in 2010. The third billion in 2014.

Understand When People are searching for Your Products or Services on search engine like Google | Yahoo | Bing and you presence is not there that I think does not make any sense. So go for SEO and Reach your Target Market Digitally. Now Social media is a big Platform which comes very cheap and has maximum reach in the world though its push marketing but still works for every business.

One Customer well Taken Care of Could be more Valuable than $10,000 worth of Advertising ..  Well Said by Jim Rohn. As 90% of the Brand Loyal Customer is only because of after sales services as they find the brand worth purchasing.  The Startups who does not plan to Smile and Help for after sales land up criticizing themselves by the Customers. I Believe The Brand Maruti Suzuki in India is the Best Example of After Sales. Now a Days Its not After sales but also a Value Added Services that gives you a Extra Push.