Mistakes to be avoided during a startup: part 1

Doubting your idea: After all, the biggest SECRET is, ‘to have faith in your ultimate goal and all the mighty forces will work to help you accomplish it.’ You should identify the urgent need of your idea in the market, which is otherwise functioning perfectly. They should perform a critical analysis to establish the fact that their product is needed very much. If they are certain that their idea will work then doubt themselves even slightly, then how can the investors and consumers be certain about them. Thus the first step is for the founder to be absolutely sure in his mind about the greatness of his own idea, the rest will be easy to accomplish.

Avoiding extensive planning: Benjamin Franklin had said,’ If you fail to plan, you plan to fail ’. It is very important to have a full proof outline of your model ready. Even the minutest of the details regarding the administration and functioning should be laid out clearly. This forces you to concentrate on all areas rather only the profit and money part.

Not talking to people: Create hypothetical situations in which a product/service similar to yours is available, and get the opinions of friends and acquaintances. Try to get the idea of how different personal lives would be affected by your service. Ask them if they would be interested in using that product/ service. Getting an idea about a response from the market, before even launching your product is a very smart move to get the balls in your court.

No feedback analysis: A feedback of whatever service/product is being catered to the customers helps in developing the product/ service according to the demands of the hour. Feedbacks are a way to stay updated. Failure in performing feedback analysis counts big time!

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