Did you know there are ‘Classic’ startup mistakes? The Startup syndrome has really gotten contagious in the last decade. Although more and more people are catching the bug and “starting-up,” a great proprotion of them are also unfortunately shutting down.
A Fast Company article describes the main blunders made by Startups that lead them to failure, and I chose to highlight the key takeaways for you, so you can learn to avoid them:
1. Drinking Your Own “Kool-Aid”: A ubiquitous mistake of the Startup sector is presuming that your idea is instant gold. Don’t assume just because you thought of something, that it’s guaranteed to be as necessary for consumers as you think it is. According to a Wired article on the Startup “boot camp”, Y Combinator, its’ originator Paul Graham “tends not to pay too much attention to a…team’s business plan—it’s likely to change during the course…anyway.”
2. Not Offering Employees Enough Fun: Although this may not seem like a “big deal”, the employees carrying through with your vision are the most vital piece of your Startup. They should be the irreplaceable lifeblood of your company. Make sure, to not only create a workplace which is fun in and of itself, but to emphasize socializing both in and out of work to make work feel more like home.
3. Not Focusing: Avoid spreading yourself too thin. I found a great quote to stress this point on StartUpQuote.com, accredited to About.me Co-Founder Ryan Freitas: “No one gives a damn about the size of your to-do list.” This mistake will leave you scrambling and unable to complete the task at hand; namely, your Startup.
When you’re thinking of “starting-up,” keep these tips in mind, as success is not reliant upon your employees, your concept, or even your funding, but on learning from the failures that have preceded you.
Jesse Braunstein is a Junior at NYU double majoring in Economics and Psychology. Jesse joined Madison Technology and SheBytes.com in May 2011 as a summer intern. Jesse has been instrumental in utilizing his expanding background to come up with creative perspectives on the Marketing, Advertising and Business Development initiatives at both Madison Technology and SheBytes.com. Jesse’s outlook stems from an Economics and Psychology education and a deep understanding of the individual and how the individual acts within and interacts with the market. Follow Jesse on Twitter and Facebook. Check out his About.me.