From Steve Jobs starting Apple in his garage to Mark Zukerberg working on Facebook from his hostel dorm, we’ve heard so many startup stories that start from one small room and growing into a massive office not just in a single city, but everywhere across the globe. But, this scaling-up takes time, patience and consistent efforts. The path to success may not be that easy for young entrepreneurs. So, as a startup, what are THE mistakes you need to avoid completely:
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- Many entrepreneurs don’t invest in the right tools. It is important for every business owner to invest in the right tools to solve issues in data analytics, automation, chatbots, customer monitoring, heatmaps, etc. With so many tools available, it may be a little intimidating for a new person. What new tools so is that they help to make important designs before executing them in the real market. Startups put a lot of money on marketing; instead they should concentrate on building technology and working on creating business models. Blunt decisions based on inappropriate models can ruin your business.
- Some leaders don’t give their core team enough space to operate while expanding. The most important aspect of any business is its vision and the vision needs to remain unchanged even when the company is growing. While you hire new talent for your company, the hierarchy is increasing but instead of micromanaging everything, give your core team a chance to lead. Your core team has been with you from the beginning, and by giving them n opportunity to lead operations in a new office, will help the new employees understand the company policies and work culture better.
- Instead of trying a million things all at the same time, take one step at a time. Keep the long term goals in your head, but plan for the short term ones more meticulously. Expansion is a risky business, and requires crucial planning. The second thing to keep in mind is start making schedules for the day, the month and even the year. Plan, research, and prepare. Know what you want to get. While we usually focus on what good can happen if everything happens ideally, we tend to ignore what problems we can face. So find your obstacles, and two solutions for every obstacle. Set achievable targets. It is important to dream big, but those dreams will only come true if you are able to build concrete foundations to your business.