Editor's Pick

Losing money is like pouring water on the sand”-Just if startups avoid few mistakes

Reading Time: 1 minute

Most start-up owners underestimate the benefits of having a business plan. You can’t win without knowing the rules of the game, this is in consonance to entrepreneurism as lack of knowledge about the industry makes the owner suffer the most. One of the core strategic things that most smart people get wrong is that they overvalue optionality and this leads to the worst outcome than focus.

Mis-timing a product by either launching it too quickly or slowly is detrimental to success. Sacrificing development for new ventures is another major mistake made as it becomes difficult to track investors when your business is drowning. Start-ups require diversity in their office. Having a perfect team is about sharing strengths among each other and mitigating each other’s weaknesses.

So those start-ups that manage to handle the storm change the face of business in the process or else majority gets fizzled away unnoticed.