8 Practical Tips To Avoid Startup Failure

If you want to make it big in the business world, you’ll need to take a big leap for your dreams and visions to come true. And with that leap you’ll never know whether you’ll bounce, crash or fly. But one thing is sure, you’ll never find out if you don’t take action.

So for all the startups out there making the leap, here are some golden tips for you: 

Focus. You don’t have to jump at every opportunity that comes across your path as this will side-track you. Working on too many things at once will spread your resources thin and limit your effectiveness and productivity. 

Grab one good opportunity and focus on it. Work to grow it. Make it flourish. 

Do what you know. Don’t start a business just because you see huge profit in it. If you have no idea what you’re doing, you’re bound to fail. Start a business that’s built around your strength and skill sets. 

Love of the game is very important in every success. So start something that you’ll love doing day in and day out. Your heart should be in it. 

Perfect your elevator pitch. Be always ready for any chance encounter with potential investors or curious customers. State the what, who and why of your business in a clear and concise manner. We encourage business women across the New York, Tri-State area to practice and perfect doing this through the MACs Perfect Pitch event. Highlight your unique selling position (usp). Again, be brief. In situations like these, less is more.

Start small. You’re a startup, so you should act like one. Don’t invest in a fancy office right away or fat expense accounts. Be frugal. At this point in your business, every penny you spend should be spent towards the core of your business operations. Your funds are your company’s lifeblood.

Be resilient. No business plan or books can predict every humps and bumps on your journey to success. One thing is sure: you will face challenges, many of them. You must be fully prepared, both mentally and financially to work through and overcome them. When you make these inevitable mistakes, learn and grow from them. 

Practice self-care. You’ll work more effectively and productively if you take good care of yourself. Working to the point of exhaustion because you want to get things done fast will only burn you out. Take a break. Eat right, exercise, rest and find time for yourself. Taking a 15 minute walk works wonders! 

Walk the talk. Be Authentic. If you can’t walk the talk, don’t talk. Avoid exaggerating truths, facts and data just to impress potential investors or customers. Promote your business enthusiastically, yet tastefully.

Know when to walk away. Always work towards achieving your dreams for your business; but if one venture is not working, know when to call it quits. That’s not quitting on your dreams, that’s quitting on something that’s not working so that you can find another way that will work. Reflect on the mistakes that were made on the failed venture and make sure they don’t happen again on the next one.