Everything that goes into making a stable startup
Perfection is hard. Real hard. And for a startup, even harder! It’s not easy to have a perfect pitch at anything in the first go. The first 100 products shall not be as perfect as the next 100. Because people learn, so does everyone! Our aim is to get this first 100 done so that you have an accelerated learning.
In their efforts to establish their startup, anyone would face a set of problems. Rather if the following steps are not taken well care of, there’s all chance that you take a dramatic downward spiral! We should try not to fall into these pitfalls that would drag the company down.
Quality of the product
Good quality products overawe the clients, thus forming the cornerstone of any startup.
Marketing simply refers to familiarizing the products to our customers. A fact to be acknowledged is that no product shall advertise itself or standout unless if tried and proved as worthwhile. And to start with, trying them is sheer luck. So next time focus more on the marketing strategies-
Displaying the item under different tags-hot selling, best rated, daily use, or including the item with maximum discount and elegant look as featured products.
Take care not to miss those sect of people who can influence ur products, designs or, advertise them. The people who finally end up getting the gift should exactly be the one in your targeted list.
Good customer service
Polite humble words no more satisfies a customer in case of a faulty product or delay in delivery, be it an age old established relation. Were money has a role, none other shall thrive. So is said! A high discount rate on the next products or a return-replacement should be the least strategy opted. Stubbornness and unwillingness to accept a mistake can be quite costly, disappointing the customers on a forever scale.
People are captivated by startups because they stirrup the subtle aspects of life, giving new dimensions to our lifestyle, changing attitude, modified traditions by virtue of their intense desire to make our life more beautiful. If we fail to provide the products that the people crave for, there we fail as a startup. The biggest recurring obstacles to product/market fit are that the product doesn’t solve a real need. Charging them with their desired products is equally important as hitting at the right time.
It would be unfair if I don’t mention the costing issue that most customers often face. The exorbitant expenses involved in procuring a product shall leave the customer in a weird position especially when it has a memory associated-the gifting enterprises. It would be wise if you could cut down the rates of products on a descent basis.
Delivering the products
Mis-timed products lead to a lot of dissatisfaction. Gifting endeavors often face this as a wholesome issue especially because the number-dates have an important role to play in case of gifting. Belated gifts’ are never entertained and all the more it leads to losing trust with the enterprise, because a failure to deliver on time as promised shows the weakened infrastructure.
“Start with good people, frame laws, communicate with your employees, motivate them, reward them-if you do all these things effectively, you can’t fail.”—Lee Iacocca!
Choosing the right team members helps you strive minor tweaks and pivots with a soft smile!Run out of cash
This issue pops up usually in the second phase of a startup when the initial funding has been completely exhausted. Lack of investor interest in a way exposes the limited business potential and lack of captivating ideas. However, many often wait and let the current sweep them off their feet and for some, it maybe a downward spiral from here.
But upward trajectory serves the one who has learned to have steady conflicts and deal with them with tactics and good spirit.
Lack of confidence / hard work
Flaws on the side of the startup
“No hours, nor amount of labor, nor amount of money would deter me from giving the best that there was in me.” -Harland sanders, Founder -KFC
The work ethic alone can take you a long way and let you accomplish goals even if you don’t stand out as the best in every aspect related to your venture. Its said that hard work keeps the wrinkles out of the mind and spirit. So boost up your confidence, have a blueprint of all that you want to make happen-on a wider time frame! Success shall then come your way!
Reluctance to adapt to the change can lead to creation of a dominant vacuum, even if you prove to be the leading one! And this vacuum shall be exploited by the ones going with the tide of today. Even if we do no wrong in business, failure can be the end story if we miss out on learning, if we miss out on changing, if we fail to recognize our true opponents in the industry!
Disharmony in team
The tension between co founders or the employees can turn out to be disastrous to a company.When there are internal conflicts, there shall be decreased productivity, more stress, imbalanced work life and a lot more—the end effect of all being that the startup tends to go steep down.
If you are succeeding you will have competition, usually from the biggest players in the industry and most clever starters from the bottom. There is no exception to this rule. When starting up, one year’s success will never be the next year’s success.