5 mistakes that kill even the most promising startups

Starting a business is not so easy. It takes a huge amount of investment as well as an investment of time and other resources. And launching it is even more difficult. Even when they have problem solving abilities and they have an incredible idea, they may not have the same success forever. Most of the times, these new age entrepreneurs do not have much experience and starting a business requires solving complex problems and taking difficult steps and forming harsh strategies and due to the lack of prior experience, things may not go their way and many steps endure the misfortune of failure. Recent times have shown our own homegrown startups like Tiny owl which tasted the initial taste of success but went bust even after having a great beginning. So here are some mistakes that these new age entrepreneurs must shy away from making in order to prevent their tales of success to turn into the stories of failure

Going solo
Starting a company from scratch involves a lot of hard work. There is a large number of things to look after. And a single person may not have the expertise to deal with all of them. Also at the end of the day, some things might not go the way they were scheduled to and in that case, in the face of defeat, you wish for someone to stand by you and face that with you and going solo won’t provide you that luxury.

Lacking the ability to pivot
We all know what a bust Nokia has been for the past several years. Once a leader in the mobile phones division, it does not own even a fraction of the market today and that is solely because it could not adapt with the changing market and had inflexible business.

Thinking too small
The example of Nokia can be applied to this particular point as well because of the fact that when Nokia was ruling the market, it was not thinking ahead of its time and could not take the first one advantage and that did not help their cause in the long run.

Bad recruitment policy
Hiring good and efficient workers is the foremost thing every employer wants. The startups of today are well aware of that and pay lakhs in annual salaries to new recruits in order to get the best as they are the people responsible for the future and they must be competitive and the best there is.

Having too much outside influence
Having a second look at your business and seeking outside council is a positive step but having too much outside influence will remove the way you wanted to run your business and that may not be in coherence with your business model and sink your ship. So embrace your gut feeling and do what is right.
There are many other things that could go wrong and I am not saying that if you do these right, you will be a success but doing things right can take you a long way in being successful.


This article has been contributed by Himanshu Jain, CEO, LegalRaasta, an online portal for GST Software , GST Return Filing , GST Registration , Section 8 Company Registration , Nidhi Company Registration , IEC Registration , FSSAI License, Income Tax Return Filing, TDS Software, ITR Software