One Mistake That Killed Too Many Startups

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One Mistake That Killed Too Many Startups
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startup mistakes

Being a leading mobile app development company, we’ve observed and faced many challenges throughout our journey. And since then, we always share our own experiences to young Entrepreneurs who are entering the market with their new products.

We understand that growing a new startup is difficult. And dealing with it even makes it harder.

All Entrepreneurs want to know the “secret” to grow their Startups. They all want to know that “one thing” that will take them from nowhere to where they always dreamt of reaching.

Now any or every Entrepreneur knows that there is no magic bullet for this. Though, there are fundamental keys to success that are simple but hard to execute.

  • Make something that people badly want or need
  • Make it easy for people to buy from you
  • Treat your customers the right way

With sufficient struggle, learning, persistence, the first two keys will start to take care of themselves eventually.

However, the Startup common mistake has killed many promising startups. And this is what many Entrepreneurs struggle every day.

Growth Tactics: A Killer Distraction

Everyday, new blog articles pops up with “ONE thing you should start doing to grow your business”.

But the problem with these posts is, you’ll find 100 various “one things”.

And we always to try to temper all those things with the caveat that it might not work for you and you should think it through before you try to execute on.

What we did is, we put together 100 points of growth tactics and tested them each week for one year.

While doing so, we were enlightened with one juicy article and forwarded it to superiors here, at Space-O Technologies, saying “we should give this a try!”.

Guess what?

It turned out to be nothing more than a distraction from what we already had our heads down.

Point is, trying to chase all tactics turned out to be a sure way to get distracted from your big goals.

Now we’re not saying that should not give a shot to new things and test new approaches for your growth challenges. Because after all, it’s the one and only way to determine what truly works for your startup.

However, what we finally understood is that we created a culture of trying to do all little things at once, rather than not focusing on one particularly well.

Also, the biggest challenge for startups is not the lack of growth tactics, it’s actually the lack of resources – focus, manpower, money – to try them all.

Remember this famous quote by Tony Robbins?

famous quote by tony robbins
So what should you be doing instead?

The Power of Having a Concrete Plan

In the beginning, after trying to scrap our way in every direction, we finally decided to put together a growth plan that will be used as the guidance document for our business.

And frankly, it wasn’t great!

We ended up failing at our goals that we had set for ourselves.

Still, we learned a lot from that.

And the biggest lesson for us to learn was that simply having a business plan can bring a great degree of focus to your business.

And it also makes much easier to say ‘No’ to distractions.

Point is, having a mission/plan gives us a reason to work harder and cut off all the distractions that may come in our ways.

Never-begin-the-day-until-it-is-finished-on-paper

How to Escape The “Try Everything” Mentality

In addition to having a plan, many of us are just influenced to such distractions. Even though we’re already doing what we’re supposed to do, but we still feel that we could or should be doing more.

And since this is what we struggled in our beginning days, we forced ourselves not to jump on each growth tactic that being passed to us.

Also, there were actually three points that helped us the most to grow our business.

#1: Wait One Week

Whenever you come across any growth hack or tactics that you think you “need” to be doing, just stop! Put it on a list. You should download Trello app for this. And keep it in the back of your head for at least one week.

And if that same idea, after one week, still excites you same as it did the first time, then move yourself to step number 2.

#2: Interrogate Yourself

Why You Need This?

Well, many of us get entrenched in what we’re going and how we’re doing, but we never stop to think about why.

It is something that trips most startups into the derailment.

If you have a plan, you should ask the “why”, then many important and challenging questions will automatically come up. These questions will help you determine whether the growth tactic you’re considering will fit into your plan or not.

For example, you wish to market your business on Snapchat, the questions should be like…

Why should we get on Snapchat?

“Because it will help us to increase our reach to new people”.

That’s Good, but are our customers on Snapchat?

“I am not 100% sure”.

Now in such cases, you’ve to change your growth tactic. Instead of directly jumping on Snapchat, first, understand where your customers are spending their time online. This particular insight might show whether you should get on Snapchat or not.

#3: Use an Experimental-Based Approach

Trying dozens of tactics won’t actually tell you if they work or not.

And in the end, what you’ll conclude is that none of them work, when you did a poor job at executing them.

However, choosing to take an experimental approach, where it demands to set goals and measure everything will help you accomplish two things.

  • First, it will make the barrier for each new tactic higher. This will result in trying fewer things at a time.
  • It will make your tests more valuable to your business.

How To Apply This For Your Startup?

Distractions, in the end, attack us all. But it doesn’t have to be at odds with the focus on growing your startup while learning and bettering yourself.

Still, if you struggle with staying focused on one growth tactic, we hope this article helped you in some way to keep yourself grounded and focus on what actually matters for your startup.

 
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