Most of the Start-ups are wrap around successful business ideas. Plenty of them are on-demand platform ideas, whereas many entrepreneurs still trying their luck with social networking and ecommerce applications. But what it takes to survive first 5 year, where over 90% of the start-ups fails to live.
I receive pitch decks from many young energetic self-proclaimed entrepreneurs, who have big ambitions, live-in relationship with there idea’s and having a big appetite for money. But whenever I ask them what mistakes they shouldn’t do in their business strategy, then most of them fails to answer.
Being TiE Chandigarh Founding member, whose core objective to foster entrepreneurship and over 2 decade of my business experience, I love to mentor budding start-ups not only by sharing dos of business strategy, instead I emphasize more on don’ts.
SUCESSFUL START-UP’s FIX #1
LEADING DIGITAL: Biggest change occurred after dot-com bubble is “Social media and mobile connectivity” which has made businesses omnipresent for anyone from, ANYWHERE…! Consumers are not only showing there personal online presence, but your BUSINESSES are also presented as well as JUDGED ONLINE. It is the biggest advantage that any business can get. When you can order something online for you. Why not grab the online orders for your business?
Almost all type of businesses are running online. Whether it is a restaurant, a flower shop, a grocery store, medicines, water, courier or even marijuana and alcohol in some countries. Yes, you can order everything with online ordering systems. So, every start-up business should have a digital marketing plan from the very beginning.
SUCESSFUL START-UP’s FIX #2
LISTEN TO YOUR INNER CONVICTION: While in an interview with CEO Insight India once asked my advice for entrepreneurs.
SUCESSFUL START-UP’s FIX #3
RUNNING OUT OF CASH: “A FOUNDER GETS AN IDEA >> BUILDS THE SOLUTION >>TRIES TO SELL IT >> NOBODY BUYS THE SOLUTION >> THE FOUNDER RUNS OUT OF MONEY >> THE STARTUP DIES.”
Major reason why startups fail is that they simply run out of cash or they are unable to raise more funding. My experience and advice for entrepreneurs while pitching for VCs. Focus on solving real world problem which are worth solving
“All I Want To Know Is Where I’m Going To Die So I’ll Never Go There. “-Charlie Munger
Just like above famous quote. entrepreneurs must know what mistakes they should never commit at the beginning/budding stage. To be successful one should not only know what things they must do, but on the contrary they must realize what mistakes they can’t afford.