Page 10 - THE NOTICEBOARD NEWSPAPER EDITION 68 MAY-JUNE 2021

Page 10 May - June, 2021

Why Do Startups Fail? 5 Things to Avoid to Succeed

ou just got a business idea use this information wisely, you personas are and what they are
for your first startup. How can increase your chances of like. This will help you find gaps in
Ydo you feel? Most likely, success. And maybe your dreams similar available products (if any),
you are inspired, motivated, over will come true. Here are the five identify your competitive

the moon. All success stories of things to avoid: advantages, understand what
worldwide famous startups pop drives your customers and what
into your head. You can already · You hire the wrong team d e m o t i v a t e s t h e m , a n d
imagine yourself becoming a Having a startup almost always outperform your competitors, of
second Uber or Airbnb, getting equals no money. You have an course.
idea you need to implement; you
hire freelancers from locations · You skip the prototyping
with poor salaries. You think you stage
don't need an excellent quality, You collected all the information
so an average developer who about the market, competitors,
asks for the lowest rates will do. and your customers, and you're
Let me tell you something. It eager to jump to the MVP stage.

won't do! Early! There's a lot of work you
have to do before the actual
huge profit, expanding to other If you don't choose your
countries…
teammates/ employees carefully
and responsibly, it will result in a
Well, wake up then! Positive
total mess, for sure. Opting for a
thinking is great, no doubt, but so team with a project manager
is being aware of possible pitfalls from the very beginning would
and reasons you might fail. If you
be much more effective, and you
won't have to waste your
precious time on management.
Overall, partner with an development.
experienced agency that has Start with a prototype instead - a
devs, designers, QA engineers in high-fidelity version of your
one office - this trick will help you product. It displays your product
reduce the bus factor. design and features.

· You don't conduct a Although prototypes can be
market research clickable, they are not functional,
I understand that you want to get and users can't download the app
started with the development from stores at this point.
right away. But remember, who You can ask for users' feedback,
are you building the product for: present it to your potential
for yourself, or for users? investors. And avoid a reason that
So, take time to feel the market, makes many startups fail.
figure out who your buyer
Continue on pg 11

READ THE NOTICEBOARD @

www.diltonconsultghana.com/noticeboard/