Don’t Make These Mistakes If You Are A Start-Up In India

India seems to be thriving and is now a land where lots of opportunities lie. Perhaps, this is why we see lot of start-ups and entrepreneurs mushrooming around the country. Whether it is a new app that will change the way we drive, date or dine out, or a health care business, which enables doctors to reach patients in the remotest corners of the country, these start-ups are looking to make a name for them. A lot of angel investors are also coming forward to help them out, to make a quick buck in the process.

However, the grass is not always greener, especially if one considers that a new business comes with a set of challenges. If entrepreneurs want to make it big in India, they should steer away from 4 common entrepreneurship mistakes.

One-man army
Many believe that they alone can change the world, but let’s face it Alexander would not have ruled the world if he was alone. He too had his advisors and an army working with him. You have to have a team working with you. Not only does it strengthen your business decisions and induces confident, the people around you enable you to not make mistakes or help you troubleshoot them.

Moreover, an investor would be more satisfied if you had more people on board. The first task when you float your company is to quickly get people involved.

Short-term business pleasure
Make sure if you get into the pool of start-ups, you are in it for the long-term. Think of the broad picture and not just short-term gains. Yes, calling yourself a start-up does sound exciting, but a lot of hard work is required if you want to get out of the start-up phase and swim with the big boys. Have clear 3-year and 5-year plans. If you have a product, which once rolled out will run by itself, then think of the next one that will come from your camp. Contemplate on the subsequent big product or app after the first. That is what the Microsoft and Apple of the world do.

Marketing blunders
Ok, so you have a great product and found an investor as well, but if you are not able to market it well then it’s a problem. So, before you say ‘Hey what happened there’, appoint a marketing company to promote and sell your product. They might be slightly expensive than hiring 1-2 in-house managers, but a marketing firm will bring along a lot of experience and large team that will make sure your product reaches the masses and is liked by all. Surely, after a little while, you can think of getting a manger or two on-board.

Have money, let’s spend it all
This is a wrong way of doing things in a start-up. One has to be very cautious of the kind of spending they are doing. You have to think of the goal you will achieve with the money you are spending and most importantly, is it worth it? Have a clear plan in place to take care of your spending.

Another way one burns through the liquid finances is by hiring the help you don’t need at the moment. Before you hire think and see what benefit will the next person bring to this? There might be certain situations where one has to spend, but there will be places where you can avoid by outsourcing work. This does vary from industry to industry; so think about your product, if manpower is required go ahead, and if technology can take care of it then invest there.

Image: thinkstock
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