What factors You Should Avoid to be Successful
You must have read a lot of pointers advising you on how to achieve success and what to do in order to get your startup going. But here are a few factors that you definitely need to avoid to achieve success or at least stay out of trouble.
Though competition is never a reason that should make you opt out of the market, but you should never really underestimate or ignore it. It can have a huge impact on your market share, influencing your stakeholders and your customers. You need to be well informed of the strategies of your rivals and their success. There have been a lot of startups that were so confident or their distinctive features and USPs that they did not consider the rivals which ultimately led to their downfall.
Just like in a joint family, internal dispute can make your startup family fall apart. Make sure all employees at all levels are happy with the working conditions. They need to achieve job satisfaction and job security. Try to minimize employee turnover as much as possible. Supervise your HR department and ensure its efficiency. You need to create a harmonious and healthy working environment that is completely devoid of manipulative practices, politics and favoritism.
Too much Dependence or Independence
Yes, too much dependence and independence can backfire. If an entrepreneur tries to do everything all by himself, thinking himself to be efficient enough or not trusting employees enough, it can lead to overburdening and inefficiency. It is very important for the founder to delegate the work, ensure employee participation and brainstorm over his ideas with other members. Also too much dependence can cause problems. For instance, you might be majorly dependent on one customer for your revenue generation or one investor for financial backing or one worker’s expertise. This can cause serious trouble if the worker quits or customer opts out or the investor decides to withdraw his investment.
Don’t ever be a racehorse. Setting goals and targets is good but being adamant in trying to reach those goals no matter what the circumstances are is a foolish idea. This environment is dynamic, constantly changing. So you too need to change and adapt. You can’t keep selling sweaters in the heat, can you? Don’t ever get too attached to your original idea and keep adapting.
These factors do not cover all the risks that you might face in your struggle ahead. But it is a must to avoid these and not dive into the pitfalls created by these issues.