5 signs that may lead your startup to failure
While freelancing for the past months i often listened repeated ideas, dangerous ideas on my perspective. That made me start thinking on writing something about it. There are some signs that will most probably increase the risk of failure on your startup if you don’t change your mind about it:
Sign 1: You strongly believe that the business can’t live without you
You must pass this own dependency syndrome, what will happen to your startup when you’re on vacations ? Or even if you got hit by a train and got on a hospital bed for several months ? Even if your work is extremely important on the company, please be sure that you have a backup plan for when you are not working on it.
Sign 2: You think that a roadmap is only bureaucracy or you have it on the wall but don’t follow it
The roadmap is probably the most important thing on your company, just remember that, when you are building your company roadmap, for 6 months/1 year or more, you are doing planning and if you just decide to ignore your detailed plan most probably you are deviating your company from the main goals. This will lead you to a huge failure. More in-deep content on my post “Roadmap has no pause function”
Sign 3: You underestimate or don’t know your competition
Just think on something, if you don’t know your company competition how will you measure your market position ? As a startup you’re often weaker than the established market players, so you need to look what your competitors are doing and wich direction are they going, most often they are the one’s that define the market trends.
Sign 4: You are making something that market doesn’t need or isn’t ready
Closing yourself and a bunch of co-workers on an office and designing a business that the market doesn’t need is just waiting money from your investors, and you’ll fail for sure. You shouldn’t only have a great product, you need to have a great product that the market needs. If you design a product for a need most probably you’ll achieve success on short term, just think on what YOU need and do something about it.
Sign 5: You strongly believe that technology and design/usability are only a business appendices
Most of the companies strongly think that business is only about making money, and technology is only about spending some money to keep the business running, nowadays you couldn’t be more wrong, technology will be the heart of your operation.