The Startup Shortcuts That Will Affect Your Business In Nigeria
The process of starting a business is very tedious especially if you want to make it grow into a reputable entity. Sometimes, you might be tempted to use shortcuts. For your own good, DON’T. There are so many startup shortcuts that will affect your business but we will take a look at the important ones.
Patience is a virtue. This saying applies most to the process of setting up a business. There are things that if you rush them or follow shortcuts to achieve them, you will end up regretting it and that could spell the end of your endeavor.
Check the entrepreneurs that never made it far and you will find out that they in one way or the other were guilty of following shortcuts.
Now, the difference between them and the other people that made it far is that while the mistakes or shortcuts effectively ended them, the other people even after the mistakes found a way to survive it.
Entrepreneurs are survivors and they battle issues. There are more issues that are fundamental that you will need to face and it will be wise not to involve these startup shortcuts that will affect your business.
Startup Shortcuts That Will Affect Your Business
Here are some of the startup shortcuts that will affect your business and you will do well to avoid taking their paths.
When you hire too many people too fast
We cannot begin to tell you how important it is to hire wisely. It is just intrinsically intertwined with the growth of your company. Employing fast is not the same as employing well. You will do well to remember that.
More so, given the nature of people and their unpredictability, hiring too many people at the same time probably because you can afford them leaves a huge margin for error.
Employment is a critical aspect of any business and its importance is very felt in startups. It is therefore important that you take time to get it right or you could be plunging your business into disaster.
Just like Steven Pritchard, founder of Cuuver said, It’s very easy to get tempted into hiring too many people too quickly, you might have a lot of work on your hands, but employees are a big drain on your resources.”
Hiring too many people at a fast rate is one of the startup shortcuts that will affect your business. Just look into and don’t fall victim of that.
Employing executives without startup experience
Apart from the general body of employees that you will need to get the work started, you will need executives. However, take heed that you don’t make a grave mistake here.
Employing executives who lack startup experience is one of the startup shortcuts that will affect your business.
You may be tempted by the portfolio of the man but if he has not worked with a startup before, don’t get him because he may be a genius at running existing business but a novice in running a startup.
Be sure of what you are getting. According to Palm, “Founders should be sure that the executives they hire have the right mindset and ability to adapt to the startup space”.
When you fail to understand what the customers really want
Businesses are built on the desires, wants and needs of certain people called customers. Failure to understand what they really want is one of the startup shortcuts that will affect your business.
You will never be successful if you are selling what nobody really wants. That is just the simple truth. Your product or service must be solving some problems or a problem at least.
To this end, you must find a way to connect with your potential customers when starting a business so as to really work with their needs at every stage of your business development.
Spending on unnecessary solutions
Startups are always trying to make expenditure and they are mostly lured into spending. They are easy to lure into buying any product or service available even when they are useless to them.
According to Palm, “it’s easy to throw money at expensive tools or vanity purchases. While these tools sometimes provide a short fix, they typically aren’t cost-effective in the long run. The point is that, while it’s important to grow fast, it’s just as important to build a culture of frugal spending habits.”
As startups, it will do you good to understand the importance of what you are spending on. You should always consider the long-term effects of what you are spending on.