Wednesday
Tips/Advice10 More Ways To Fail
Homer was happy when Flanders failed. Avoid failing at all costs.
We discussed 25 ways to fail, but here’s another list, narrowing them down to 10. The guys from FailBeta compiled it, but as it is in Spanish, we thought it good to give you their tips, translated and with some extra commentary.
1. Lack of a business plan. You can’t run a startup without a business plan. It’s a business, you must plan for the future. If you don’t and you start to improvise, you’re going to be in neck deep water before you know it.
2. Bad management of resources. Did you buy your office an expresso machine? How about that Xbox360? Yeah, you did. That was wrong. If you misspend money, you’re going to suffer the consequences later.
3. Picking a bad time to start up. Timing is everything. You can’t launch with a concept that was cool 5 years ago and make it big. You’re not going to make it.
4. Bad choice of business partners. Maybe your uncle is really cool, but he probably doesn’t know jack about startups. Choose someone that knows and also complements you. Look for skills you lack in your business partner.
5. Lack of motivation. If you’re not motivated, you’re going to end up with a half-baked startup and a hefty bill to foot.
6. Lack of innovation and diversification. Same old, same old. Bring something new to the table. And if you bring something new to the table, keep brining new stuff. Don’t sleep on your concept thinking it’s the best out.
7. Lack of focus. This one is closely tied to motivation. Focus on what’s important, not on things that aren’t going to bring more to your startup.
8. Lack of experience. Don’t jump into something you don’t know much about. You’re going to have to do some homework if you don’t know about something. Try slowly easing into fields you’re not familiar with.
9. Thinking only of yourself. You’re not your user, get that out of your head. Think about your users, and they’ll respond positively.
10. Lack of startup cash. This is a big one. No money means no startup. Make sure you get as much as you need (if not more) from early stage investors.
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