Are you an entrepreneur?
Are you running your own startup?
Do you have any idea about the number of startups, in India?
India has about 50,000 start-ups and is the 3rd largest ecosystem in the world, in 2020 But, only 21.5 % startups fail in first year and by the fifth year, only 50% of startups survived. Why?
Entrepreneurs, here is the list of ten traps to avoid the startup. Your startup is your dream. Stay away from these traps to achieve your dream.
1. Never think to quit: Entrepreneurship is a journey of patience and hard work. Once you have decided to start the journey, then never allow the thoughts to quit or to stop, at any time. Hard times are there to test your willingness.
It will distract your focus. a lot of energy is required to move back on track. You may be allowed to take a short break, but not to quit. Energize yourself and continue...
2 . Choose your advisor:
The biggest fear of all human beings is the fear of the unknown. Everyone is looking for a safe and secure path, to reach the goal. Entrepreneurs are not the exception. May our societies taught us to play safe.
Risk is an inevitable part of entrepreneurship. Business won't happen without any risk.
Here some expert advice may help you to make the correct decisions. Which risk to take or to avoid? Mentors or incubation centers are also there, to help the start-ups, at early stage stages. Choose your mentor or advisor, wisely.
3. A big NO to " Employee Mindset ": Can you play any game with a 'losing ' mindset ? No, you cannot.
One cannot be an entrepreneur (a successful entrepreneur is the next step), with an employee mindset. Though you are the first employee of your company, you need to drive the company. Proactive leadership is a must for any entrepreneur to stand up in the crowd. You are responsible for any decision and its outcomes: good or bad.
4.No business plan: A business plan is not only a 100 pages ( or more ) document, about your startup.
No Business Plan = No Business
A Business plan is a plan of actions to be taken, at a particular time. It is the schedule of future events. Whether you are a startup entrepreneur with 10 nos. of employees or one employee, you should work on your own plan. You can not copy any others plan.
5.Never hesitate to ask or to give any support
: If you are in need, please ask for help or support. It can be of any kind. It may be
- expert advice you are seeking for
- struggling to understand the new rules and policies
- looking for the partner or co-founder
- looking for office space or conference room, for some hours
- not able to find the problem with PC or mobile
- yes, you just want to spare some time with friends.
No one is a superhero. Everyone needs help. You too can help someone in solving out some issues. Early-stage startup potential founders are with tremendous potential and energy. We need to utilize the same in a "positive" way.
6.Stay away from distractions: Focus focus and focus. So many distractions are there, at every moment, on your path, distracting your focus from the goal to be achieved.
Daily problems, personal issues, tremendous pressure, non-supportive client, and many others. Even the phone in your hand has the biggest power to distract.
Stay calm and carry on. Let any distraction will not affect your work schedule. You can achieve it after a certain time and practice.
7. Every task/order/work is equally important: For a new business, market entry is most important. Just don't focus on the gain or your profit. You can target the major orders, but never ignore the minor ones. These minor orders will help you to survive. frequency of minor orders is more than those of major ones. Never say NO to any order, irrespective of size or quantity of order. It is the door to enter into the target market.
8. Invest in Team building: Team building is not a one-night activity. One needs to invest time and money to make a team and cultivate the team culture.
Teamwork makes the order.
One cannot be the master of everything. Teamwork will organize the work, also offers the different perspectives, which are necessary for increasing the productivity and the uniqueness of the startup.
9. Lack of schedule: Business cannot grow with a number of orders in hand or with a huge investment. A well-managed system is required for the growth of any business. The concept of a system, to be optimized for a business, starts from the management of the founder. A founder or entrepreneur should organize your tasks, productively.
Business is nothing but the reflection of the entrepreneur's thoughts. Clarity of thought is required to organize the various tasks, wisely and effectively.
10. READ: Last and most important.
Don't run away from the books.
You can choose to listen to an audiobook initially, over reading, intialy. Start with reading few lines a day. Find some time in your busy schedule for reading. Books are the best ey friends. Books are your growth partners, who don't ask you for any equity.