My City Woman's lists of mistakes that start-ups tend to make

10 Deadly Start-Up Mistakes To Avoid!

We list out the start up mistakes that newbie entrepreneurs generally make. Make sure you have your strategy covered before you roll out your venture!

 

#1 Not identifying your target audience

Identifying your target customers is the starting point. It helps you plan other strategies and resources around it.

 

#2 Raising too much or too little capital

Both can make or break your start-up. Be wise in picking up your funding, else you make risk losing the credibility to your investors.

 

#3 A half hearted effort

Picking up an idea for reasons like more money or glamour may not be sustainable in the long run. You may lose interest eventually which would show in your work.

 

#4 Not listening to customer & staff issues

Not listening well to customers or even your own staff can make you myopic of looming issues.

 

#5 Delay in redressing these  issues

Redressing issues in early stages prevents it in becoming a major hurdle in your way.

 

#6 Define your competitors

You need to define your strategies and USP in view of existing competitors in the market.

 

#7 Under or over pricing your products

Pricing too low may not compensate you well or cover your costs. likewise, pricing high may make customers turn away. Learn to research the market thoroughly, list your cost and then price your product accordingly.

#8 Hiring people who do not share your vision

Dispassionate partners or resources can be a pain. Try hiring people who are as turned on by your idea as you are.

#9 Undefined marketing strategy

You may lose lucrative market if you do not have a strong marketing strategy in place.

#10 Blowing away cash

Mismanaging cash is one of the most challenging aspect of running a start up. Invest in simple software that can account for your daily cash movement efficiently.

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