“This is not just the beginning of a startup. It’s the beginning of something great. Within 5 years I will rule the whole market.”
Declared a gentleman on the inauguration of his startup.
From his confidence and determination, it appeared that he will emerge as the next Steve Jobs or Bill Gates.
Although, after 5 years, he is still struggling to establish himself in the market.
This is not just his story. Many startup owners dream of making it big and bring a revolution in the market but fail to achieve their goals in the end.
What can be the possible reason?
If the experts of a leading app development firm in Singapore are to be believed:
There are some mistakes, wrong choices, and strategies that could be a lot better – responsible for this fate.
What are those? Look at the list and find out:
Mistake 1. Not following a Roadmap
The main reason most companies fail to achieve their goal of becoming a brand is that they don’t have proper planning.
Setting a goal without any plan is just like trekking in a jungle without any map. No matter how much you work hard, there will no progress because you never know where are you heading.
A plan keeps you stick to your aim and ensures that you don’t get distracted. It also helps you achieve your goal easily.
So, don’t set an aim without creating a proper plan for achieving it.
Mistake 2. Not Hiring Proper Resources
What if you have a goal and a plan but don’t have resources to execute it? You’ll still not achieve your goal.
Now, let’s assume that you plan on making your company the best in app development market but don’t have a proper in-house team of developers, designers, and testers.
Would it become the one? I believe you know the answer.
The thing is very simple. If you want to be the best in the market, you need to hire the best. There’s no substitute to that.
Mistake 3. Favouring Friends over Talent
Did you just make someone team lead just because the person is close to you but ignored the one who has been working hard in the team since years?
Well, you just committed one of the biggest entrepreneurship mistakes.
No one likes to work with a boss who doesn’t value links more than hard work and dedication. People just drift away from them and the company never grows.
Mistake 4. Not Offering Right Environment to Employees
As mentioned in this article on Forbes:
Creating a positive work environment can do wonders for your productivity.
A positive work environment keeps the mood of your employees cheerful. As a result, they work with more dedication. Instead of looking at their watch and continuously waiting for their shift to end, they devote their complete time to work. This ultimately results in more productivity.
Although, most companies fail to offer a positive workspace to their employees. Hence, their productivity takes a toll and they fail to accomplish their goal.
Mistake 5. Refusing to Change
A strategy was efficient 5 years back. There’s no guarantee that it will be similarly effective at present. Trends keep changing every day and those who refuse to change lack behind.
So, one major reason your company is not where you wanted to see it in the market can be that the trends might’ve changed but you might’ve decided to stick to the old plan.
Mistake 6. Setting Unrealistic Goals
Once, a friend of mine enrols in a gym. He was hoping that within one month, he’ll get completely ripped and get six pack abs.
Well, in the end, he didn’t have those six pack abs but significant improvement in his physique. Still, he wasn’t happy.
Do you know why? He couldn’t achieve the results he was hoping to see.
Similar is the case with a company that sets for unrealistic goals. It’s good to aim high but not justified to hope that it worth will be equivalent to Apple in just one year. Apple has reached there will a lot of efforts and you’ll need to do the same.
Pointers to keep in mind
- Just setting up a goal is not enough. You also need to create a plan to achieve it
- Don’t compromise with hiring the new members of your team. They’re important
- Create a positive work environment in the office. The productivity of your company will increase tenfold
- It’s important to change with new trends. Doing so keeps you up to date
- Set goals that you can achieve. Unrealistic goals only hurt
Rest, if you still have any query, let us know in comments!