Its Saturday and welcome back to Saturday shots with Dr. Sabiha and you are listening to hum tum and start-ups. And today is part two of the episode Top ten start-up mistakes to avoid. Last episode we did finish listening to first 3 mistake….so now Without taking any more time Let me start with mistake number 4.
4.to undervalue your own product or service
Guys no doubt Don't price too high, but don't price too low just to gain market share. If you are good, price like it! Many entrepreneurs start with the best of intentions and give things away for free, be very careful with this, because you don't want to be known as a source of freebies.
Moving ahead with Mistake no.5
5. To fail to begin with the end in mind
"a startup often begin with excitement and optimism thinking they will do whatever it takes to succeed. Adopting a big picture approach from the outset will force you to ask tough questions sooner rather than later, and will give you a roadmap to refer to when things get rough. Dare yourself to answer the tough questions and get a timeline designed for your startup.
Mistake no.6
6.To fall in love with your idea too hard
"Founders fall in love with their ideas and often don't do the hard work needed to figure out exactly who else is in love with what they are selling," Of course, you should be passionate about your business, but founders who are too emotionally invested often ignore the warning signs that they're missing the mark. Remember that if your product or service is not getting traction, it's not the customers' fault — it's yours.
mistake number 7.
7.not evolving when you should
"It's important to stay objective and read the market, don’t be afraid to pivot if you find that your original ideal isn't taking off as you'd hoped. “Respond to what the market needs rather than what you want to give., "YouTube originally was meant to be a dating website. The founders eventually realized the market didn't want to date via videos — but they did want to just upload and share videos. The rest is history."
Mistake number 8
8. taking to too long to launch
You can plan and research forever, but the key is to just get out there, and then there will be natural feedback and momentum to carry you forward,"
If you want to swim, first step is to take jump of faith in the swimming pool "You don't have to have everything perfect and figured out in order to launch. “In fact, if you labour over your idea for too long, you may be wasting time creating something that's not quite right for your customers. Get what you're offering in front of them and let them help you create what they need most
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Mistake number 9
9.neglecting legal protection
So, you're starting a business with a college friend, you've written your plan on the back of a napkin, and sealed the deal with a clink of your glasses. Great, but don't neglect the next steps. “Often people are so excited about getting the business up and running that they're hasty and forget to do things like a founder’s agreement, proper privacy policy, exit policy and many other legal accepts. Failure to address these beginning steps can come back to bite you years down the line.
Mistake number 10, which have taught me a lot personally
10. Not asking for help
Do not be so prideful that you cannot ask for help. It makes no sense to be stubborn trying to prove you can figure everything out on your own and your business fails as a result.
When you are just starting your business, you will want to get a coach or mentor who can help you avoid making costly mistakes.
And fortunately, you are listening rite now to one such startup coach and a mentor, so pick up the phone and book a free exploratory session with Dr. Sabiha
So, guys, that’s for today’s episode
And yes, let me even tell this episode marks the end of series hum tum and start up……. comment box is waiting for you…
Keep Sharing your lessons you learnt from your mistakes…
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Till then enjoy
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