The start-up era has begun. They change the world, stimulate imagination, teach to experiment and reach out of the box.
When you run a start-up, you cannot be afraid of risks. You must fight. However, running a start-up, especially at the beginning, you may make some mistakes, the results of which are easy to predict.
Needlessly spent money and a lot of effort put just so you can figure out that Your idea was a miss, can quite successfully cure you from the urge to try again.
It would be a pity if the lack of proper knowledge and experience prevailed over Your ideas, passion, diligence and dedication.
What start-uppers should never do? (part 2)
Do not spend big money on marketing of an unfinished product
Indeed. The product is not ready yet. This means we will improve it, adding functions expected by the clients. But how do we know what they expect? Social media come to our aid. Websites, blogs, twitters, fan pages. Your business needs them. Set up a business fan page. Do not neglect it and do not treat it like an advertising column. If you want to be on FB because you heard that if you are not on FB then you do not exist, do not use this information channel. The recipients, looking for products and information on the Internet, perceive such an activity as a sign of a company that is about to close up. Outdated spots from few weeks or months ago are embarrassingly ridiculous. If you actually decide to create a FB account, create your own community, contact it, skilfully introduce your product and analyse the reactions. Both the wave of criticism and complete lack of reaction are important signals. But remember, preparing interesting content consumes many hours you cannot afford to lose. In addition, it is necessary to create suitable graphics, add good photographs. It is nice if you have additional budget, no matter how small, to use for an advertising campaign. Obviously, you must constantly monitor the social media and draw conclusions from statistics.
Systematic work, positioning your own website, publishing articles about your products is better than the situation when…
…you fall for a quick marketing action.
Whether alone or with a group of busy start-up enthusiasts, you cannot plan or execute it. It is not only beyond your power, but you also probably do not have proper competences or tools, either. Naturally, you can hire a PR company that guarantees instant rollout and financial success.
But first of all, you do not have enough money for that and need to get into debt and, secondly, finding a company which has experience in collaboration with a start-up is not easy. You work on something innovative, original and fresh, whereas PR companies know how to promote known and ready business solutions.
Do not hide your idea from the world
This makes no sense. An idea is just the beginning of a very laborious road to success. A start-up is the most intuitive business model, based on passion and dedication. There are no consolidated rules, verifiability or patterns of activity tested by the market. You work according to a plan, but without a business plan calculated up to a penny.
All you do is show an innovative idea, checking the reaction to it and its market potential. Observing reactions, you introduce modifications, improvements. It is often the case that, like for many before you, it is necessary to give up on the idea, but then you create another start-up with a different idea for a great success. All you show to the world is just the idea. It is not like you are selling your vision or intuition.
Accept partnership offers with caution
There always will be investors who already run some sort of businesses, and on the lookout for new opportunities they enter into partnerships with young start-ups. The obvious consequence can be partial loss of control over the company. From the owner and creator of an innovative enterprise you drop down to the role of an advisor and your new business partners introduce well-tried rules from their successful “traditional” enterprises in your company. This can mean the end of a promising undertaking. Studies show that partner start-ups fail the most.
Be careful, but do not let anybody convince you that your ideas are unfeasible. Did the creators of FB hear that they were just creating something truly powerful at the very beginning of their path?