Article by Devansh Lakhani, Founder of Lakhani Financial Services
Startups do commit various mistakes during the initial stage. Chalgenius has come up with an expert interview to help start-ups avoid the mistakes. Spare a few minutes in reading this article as it could prove of immense benefit for early stage start-ups….
Entrepreneurs either spend too much money or not spend enough money. There are two types of attitude, either they spend money to make money or spend barely minimum money until he has a decent cash flow. Both of these attitudes can be harmful if taken to an extreme level. Spending and saving needs to be done simultaneously.
Setting realistic goals is what helps a startup to succeed. Entrepreneurs delighted by their ideas forget about the reality factor and tend to work without a solid plan. Setting both long-term and short-term goals is necessary. Being specific and reasonable about them helps to determine the steps needed to reach it.
Right marketing techniques
Creating a new product or service which is different from others is not enough. Reaching out to people and marketing your product is important. Free PR and word of mouth are not enough.
You will need to invest heavily in marketing which includes SEO, PR and paid advertising. Entrepreneurs tend to think that their product is so revolutionary that they can rely on word of mouth and free PR. They should ask themselves how can they compete and differentiate themselves from their competitors.
Customers should be targeted
Entrepreneurs while creating a product and determining the business model must keep in mind their customers. New entrepreneurs are concerned about making money that they forget the key to a sustainable business is having loyal, satisfied and long-term customers.
No support team
Developing a strong networking support team is a must. A business needs people to run. It is impossible for an individual to do it all alone. Having a good networking team helps startups to reach out in the market.
Get in touch
Devansh Lakhani is the director of Lakhani Financial Services, and a Chartered Accountant, he helps start-ups raise funds from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies.
views expressed by the author are personal
Keywords: Start-up, Chalgenius, marketing, goals, entrepreneurship
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