3 Mistakes Successful Startups Avoid

According to the US Bureau of Labor statistics, 50 % of the micro businesses miscarry within the premier five years. Your new business venture is more similar a locomotive where you go along a difficult railway filled with landmines - one mistaken tread and you're out. Commencement stages are thrilling, but then the numbers of these blunders are prefabricated in early life.

Disregarding of the nature of the business, any mistakes are unavoidable. Still, we are all mate that it's never too advanced to precise the non-achievement. Right? So let's get person an aspect at five mistakes that new entrepreneurs generally puddle.

1. Competing on Features

Understanding the end users, you’ve built a great product or service, but if you’re selling it by highlighting its features, then you’re making a big mistake.
The biggest example of this is Flickr and Facebook. While Flickr originally focused on the quality of photos, it shifted its focus to conversations and tagging, copying Facebook’s features. Despite being the first mover, Flickr forced itself to compete with Facebook and became less relevant. 

2. Failing to Record Cash Flow

For your new business, cash is king! It is important to know where and how your money is being used, because untracked finances can lead to devastating situations where you’ll run out of money.

    First things first, have a budget (a financial plan), which should be specific, measurable, achievable, realistic and timed.
    Your financial plan and reports are not one-time job. These need to be reviewed, updated and used regularly. It’s worthwhile.

3. Telling the Wrong Story

Storytelling is a big deal — yes it is! A great story is not just about how two individuals met and founded the company.

Souce : workawesome ,Photo Credite : Google