How often do we see promising startups fail?
But then there is also a percentage of small companies that once started as a small setup and are today one of the world’s well know companies.
Check out for the world’s top 10 Startups. The ones from whom budding entrepreneurs can learn so much.
To first learn what needs to be done, every startup must know what should not be done. If they understand what should not be done, then they’ll solve half of the many problems that might become a major obstacle.
Startups should not spend money on buying followers. This is different from spending money to get viewers & readers to your website. We’re talking about paying to get more people to like your Facebook page or to get more people to follow you on Twitter, or get paid subscribers. The idea should be to get people interested in understanding your brand. Let them take a decision of whether to follow you or not. This way you will capture genuine followers for a long time.
Don’t expect too much too soon. You’ve built your startup with the idea to reach a certain goal. Don’t expect this to turn around & give you over the top results too soon. Rome was not built in a day, remember? Take small achievable steps. This way you’ll build a stronger foundation that will be very difficult to break.
Understand audiences even if it’s a small number. You may not consciously be able to control the type of audience that will come and spend time on your website. Word of mouth makes a lot of difference here. It is important to understand the audience that resonates with your brand more. It’ll help you understand whether or not you’re getting the right attention.
Understand customers even if it’s a small number. To better your service or product you need to know your customers. You need to know how they relate to your brand, and how much they’re willing to stick around. If you get this right, you’ll be able to optimize your brand better to serve your customers better.
In order to meet the above two objectives, you’ll have to take efforts to track what’s happening on your website. Get your website on Google Analytics to start with. See how your marketing efforts are affecting your brand.
Don’t put all your eggs in one basket. Some startups get funding right away because of the potential of their idea. But they fail to spend the money wisely and end up disappearing in the crowd. Stay away from blowing up millions on a campaign that is short-lived and will provide the effervescence but will then die out soon. Always make a plan that is sustainable and will help you move up the ladder with small and successful steps.
We don’t promise that you’ll have a successful business too soon. But if you start with avoiding these mistakes then you’ll definitely be in a better place.
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