Nibletz Staff
When you decide to embrace the startup life, you need to be aware of the obstacles that might be paving your road to success. Startups are just like any business likely to make mistakes, even more, if this is your first step as an entrepreneur. Lack of knowledge and experience are often the main reason for mistakes. Besides, making mistakes is not the worst part. Not realizing that you are in the wrong can seriously damage your business model. Commonly, in the world of startups, most mistakes come from issues related to a lack of leadership skills, a lack of digital intelligence – or the understanding to use digital technology as a growth tool – and the lack of management rules. While this might seem a little confusing at first, for first-time entrepreneurs it is considered normal not to get things right immediately. The emphasis is not on choosing the wrong path, but on not managing to change your ways on time once it’s been established that they are damaging. So consider yourself warned and dive into the core of startup failures.
Poor Leadership
Leadership failures are common for inexperienced entrepreneurs who are keen to establish their authority. Often, narrow-mindedness is the biggest enemy of success, especially as the entrepreneur refuses to seek support or advice to improve their business structure and processes. While it takes a lot of confidence to launch a business, this also requires humility to be able to listen to experts and external advisors. More often than not, a startup collapses when the entrepreneur didn’t have the right intentions behind the creation of the business. In other words, wanting to get rich is called ambition, but launching a business only to increase your income with no interest in the quality of your product or service is pure madness.
No Digital Intelligence
Digital intelligence is the ability to make the most of the digital tools to support your business growth and generate cost- and time-saving solutions. In the world of business, this can relate to a variety of scenarios. For example, a business that prefers to waste employees’ time in clients meetings instead of organizing video conferences is lacking digital intelligence and also reducing its productivity. Another common example for digital businesses is when services are not monitored through a cloud load balancer to ensure that websites and online applications are available when users need them. To put it in other words, a business that displays a server error message reduce potential customership. Providing online network continuity enables all client connections to run smoothly, even during peak times.
Lack Of Rules
Finally, nobody likes rules, but they are essential to keep the business running efficiently. For instance, when certain employees have the right to be rude or disrespectful towards others – which could be a possible risk in a family business – can be particularly damaging to the morale and the performance of the team. Also, as most offices have developed a mentality of interruptions, where individuals have acquired the right to interrupt the work day of other employees with no regard to their tasks and commitments, it is essential to train the team to reduce interruptions. Interruptions can be varied, from an email with a cute video to an unplanned meeting, but they are all time-consuming and counterproductive.
