Invaluable lessons every start up failure teaches us
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Success and failure are the two sides of one coin. Whether it is momentarily failure, financial failure, stability failure or any failure for that matter; failures never fail to provide a number of valuable lessons. Contemporarily there are a variety of startups that are mushrooming however not many manage to survive and contend in the highly competitive market.
So what are these valuable lessons?
1. Research it before and after – arranging finance, accommodating resources shouldn’t be the first step of start up set up. Indeed the apex step has to research. A plethora of researchers has to be carried out covering various facets of the start-up. Right from the trial of the idea, function of the idea to the study of market trends. Countless startup failures occur because they do not invest enough in researching and grasping the market that prevents them to predict the future.
2. Lack of passion – often it is witnessed that despite of everything kept under control the lack f motivation and deficiency of passion plays the spoilsport. Startups usually begin in great zeal however the fuel turns out to be lukewarm eventually causing a massive failure. Building a team that shares the matches your level of passion because at the end of the day the people working at the grassroots need to hold the abundance of passion.
3. Adaptability is the key – it is agreed that perhaps you own a brilliant idea that shall give you an upper hand over your competition but no level of passion shall come to the rescue if you at all fail to adapt. What happened to Nokia was unfortunate but it gave us a major lesson to ponder upon and that was never be secured enough that you fail to adapt when the market demands you to be adaptable.
4. Loss of focus – when you are working on your startup, you are ought to work 24*7, there is no looking back. Usually, the loss of focus is incurred due to a number of influential factors ranging right from personal issues to professional commitments. Loss of focus can set your start up back hence make sure that you remain focused throughout.
5. Disharmony – In order to watch your business flourish and function smoothly, it is quite significant for you to maintain the peace ad harmony with yourself and rest of the team members. Yes, in order to improve considering different perceptions, opinions are vital but at the same time, it has to remain healthy. Disharmony between the team members can cause problematic conditions for the entire organisation.
6. Risk it – risking a bit is as important as it is to bear a calculated risk. The sheer balance between the two is required. Startups that play it too safe often close their gates to growth but at the same time, start-ups that do not take calculated risk tend to fall flat as well. The correct blend of keeping it safe and taking calculated risk has to be incorporated.
7. Wrong timing – sometimes while everything is perfectly perfect you lose upon the perfect time. Post studying the trend you need to figure out the time that shall be worth the product/service bringing maximum return on investment.
8. Feedbacks are necessary – a lot of companies focus on after sales services and rely heavily on customer feedback because that is the first source of authentic information. Most of the startups overlook at this vital practice which further ends up hampering their own business itself. Focusing on after sales service would surely help you gather number of prospective customers.
9. Overlooking social media – when the world is on the internet and social media platforms don’t fool you by not being exactly there. Social media has managed to eradicate geographical differences between the places making things highly accessible. Hence, your marketing team should not overlook the power of social media. Integrating various content marketing tools would assist you in availing positive outcomes for the business.
10. Crucially design the team – you must be quite choosy when it comes to design the team. Stat up culture requires one person to perform more than one role and wears more than one hat at a time. It is seen that the team is not planned meticulously causing problematic conditions in later stages.
Startup culture is forming a trend. Entrepreneurship is seen as one of the skies in which every other bird that is trapped in 9-5pm cubicle wishes to take flight. But, as easy it may sound the road is filled with obstacles and each failure is a lesson to remember.