The Two HUGE Mistakes Startups Make That You Must Avoid for Startup Success!
With all of the positive become-a-billionaire vibe going on around startups these days, it may seem that every startup is a veritable gold mine. But, simply put, this is a huge misconception.
The truth of the matter is that 90% of all startups fail. This is the case even for those startup apps featuring trendy new tech and designs. To ensure that your startups give you all that you desire, you need to make sure that you do not make these two deadly mistakes.
Not Paying Full Attention to ALL Areas of Your Startup’s Business
Folks who launch startups are people too; and just like every other person on the planet, people like to focus on what they enjoy and ignore that which they find to be tedious, boring, or especially difficult. This is a real danger for tech startups that tend to have staff who love the tech side of things and do not love the business operations side. If this sounds like your startup, you are making a big mistake.
Talking about this type of real-world error, the CTO of Dijiwan, a former digital marketing startup operating out of France that had raised more than €500,000 from public investors before it quickly went belly up explained:
A good product idea and a strong technical team are not a guarantee of a sustainable business. One should not ignore the business process and issues of a company because it is not their job. It can eventually deprive them from any future in that company.
The lesson taught be Dijiwan’s failure is that startups cannot afford to ignore any area of the business processes and issues of building a successful business.
The Lone Wolf Syndrome
The next fatal mistake that launchers of startups make is that they want to succeed on their own.
They want to be the next Steve Jobs or the next Mark Zuckerberg. Again, this mistake comes down to the fact that folks who launch startups are people too… Sadly, none of us are the next Jobs or Zuckerberg. Heck, when it comes to being the lone wolf of the jungle of the startups, not even these two studs are Jobs or Zuck.
Think about it. When Jobs grew too powerful, the company he founded fired him in 1995 for, in part, for being too hard on people. He did not return to Apple until 1997.
And, while Zuckerberg is Facebook’s face, he is an engineer. Without Sheryl Sandberg making deals and taking on the overall challenges of running an enormous multinational business, there is little doubt that Facebook would already be the social media behemoth it has become.
Startups led by singular individuals suffer from the “yes man” syndrome, while the leaders themselves suffer from entrepreneurial tunnel vision. Steve Hogan, a respected entrepreneur who has launched multiple startups says, “If there aren’t any co-founders in the startups, they’re almost certain to fail… You don’t have enough bandwidth as a single individual. Even at the beginning, you need someone who is not a ‘yes’ man, who will tell you when you’re full of baloney, and who has a different skill set.”
The bottom line is that even Jobs and Zuckerberg needed help and so do do you.