Mistakes to avoid when launching its startup

Creating a startup is an exciting, but challenging. Despite the creativity, ambition and the desire to innovate, some errors may jeopardize your chances of success.

To maximize your chances of success, it is important to identify these common pitfalls and avoid them. Here are the main mistakes that every entrepreneur needs to know when he launched his startup.

1. Neglecting the study of market

One of the most common mistakes when launching a startup is not to conduct a thorough market research. A poor knowledge of your market may lead to strategic decisions risky.

Why is it risky ?

• You may launch a product or service that does not respond to the actual needs.
• You will not be able to anticipate the competition or the needs of your target customers.

How to avoid this ?

• Analyze your competitors-direct and indirect.
• Perform surveys of your future customers.
• Understand their needs, their buying habits and their preferences.

A solid market research is the foundation of any successful strategy.

2. Under-estimate the financial management

A lot of startups fail not because of a bad idea, but because of poor financial management. The lack of liquidity can quickly become a major problem if you do not monitor your finances.

Common errors :

• Not setting a budget.
• Ignore the long-term operational costs.
• Miss planning for the unexpected financial.

To stay in good financial health :

• Set a realistic budget.
• Follow your cash flow regularly.
• Plan a financial reserve for off-peak periods.

The fiscal discipline is essential to go through the ups and downs of an entrepreneurial adventure.

3. To launch the product without a minimum level of testing

Go from idea to product without taking the time to validate its concept is another major mistake. Product not tested the risk of disappointing your clients or not to solve their problem as expected.

Adopt the approach of the MVP (Minimum Viable Product)

Create a minimal version of your product or service allows you to :

• Test your idea quickly with your target customers.
• Collect their feedback to improve your offerings.
• Avoid wasting time and resources in a final product that may not meet the expectations.

4. Ignoring the importance of the team

A startup is not just an idea, but also a strong team. Hiring the wrong people or failing the team dynamic can quickly become a hindrance to your development.

Tips to build the right team :

• Surround yourself with motivated individuals and complementary.
• Enlist the help of key skills that match the needs of the startup.
• Open the door to communication, trust and transparency.

A united team, committed, and competent can transform your ideas into success.

5. Think that innovation is enough

Having an original idea is a great starting point, but the innovation alone does not guarantee success. The strategy, the ability to solve the problems of your customers and the implementation are equally important.

The key ?

• Understand your customer.
• Develop a marketing strategy that is clear.
• Put in place a long-term vision.

Do not focus only on the product, but make sure you build a solid business model and adapted.

6. Ignore the marketing and visibility

Even with the perfect product or service, if your customers don't know that you exist, you will not be able to build a successful business.

Common errors :

• Don't set a marketing strategy clear.
• Under-estimate the importance of the communication on social networks.
• Only focus on the product without thinking about the visibility.

To avoid this :

• Define your target audience with precision.
• Create a content strategy fit.
• Develop a strategy on social networks and use the advertising channels if necessary.

Marketing is a powerful tool to attract your clients and strengthen your reputation.