why your startup might be in danger of failing (part 2)

20
Why Your Startup Might Be In Danger Of Failing (Part 2)

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Page 1: Why Your Startup Might Be In Danger Of Failing (Part 2)

Why Your Startup Might

Be In Danger Of Failing

(Part 2)

Page 2: Why Your Startup Might Be In Danger Of Failing (Part 2)

There are so many things that could damage

the chances for success of a startup or even

drive them to bankruptcy & total closure

Page 3: Why Your Startup Might Be In Danger Of Failing (Part 2)

Employee’s Egotism

Page 4: Why Your Startup Might Be In Danger Of Failing (Part 2)

It’s true that startups need talented,

experienced, and energetic people who have

specialised knowledge to grow & succeed

Page 5: Why Your Startup Might Be In Danger Of Failing (Part 2)

However, be very aware when hiring an

excellent person as they could turn out to

be an egoist

Page 6: Why Your Startup Might Be In Danger Of Failing (Part 2)

Building a business is a team effort, and it

only takes one prima donna to send every

effort of the whole team into the bin

Page 7: Why Your Startup Might Be In Danger Of Failing (Part 2)

Be extra careful when hiring new

employee to preserve the harmony within

the business

Conduct team review & carry out team

building activities regularly

SOLUTION

Page 8: Why Your Startup Might Be In Danger Of Failing (Part 2)

Sloppiness

Page 9: Why Your Startup Might Be In Danger Of Failing (Part 2)

Entrepreneurs & startups have nothing to

lean on when they fumble, which means

they must be extra meticulous to make sure

that nothing will fall through the cracks

Page 10: Why Your Startup Might Be In Danger Of Failing (Part 2)

Sloppiness causes startups to fail through:

• Poor products

• Bad location

• Legal challenges

Page 11: Why Your Startup Might Be In Danger Of Failing (Part 2)

Identify whether you are a sloppy person

in business or not

If you tend to focus on the big picture

more, find a partner who’s detail-oriented

to help you with business planning

SOLUTION

Page 12: Why Your Startup Might Be In Danger Of Failing (Part 2)

Life/Work Imbalance

Page 13: Why Your Startup Might Be In Danger Of Failing (Part 2)

A lack of work/life balance will create

stress, which when go on for a long time will

prompt a person to make bad decisions

Page 14: Why Your Startup Might Be In Danger Of Failing (Part 2)

Life/work imbalance will cause entrepreneurs

(and their business) to fail due to:

• Loss of focus

• Lack of passion

• Burning out

Page 15: Why Your Startup Might Be In Danger Of Failing (Part 2)

Lessen your stress level by exercising or

meditate on a daily basis, switch off your

phone when you go to bed, eating with no

distractions, etc.

SOLUTION

Page 16: Why Your Startup Might Be In Danger Of Failing (Part 2)

Inflexibility

Page 17: Why Your Startup Might Be In Danger Of Failing (Part 2)

Some startups tend to continue to pursue

its course of action even after it’s been

proven impractical

Page 18: Why Your Startup Might Be In Danger Of Failing (Part 2)

Instil in your brain & mark on your plan

the possibility of a radical change of

direction for your business from day 1

Don’t try to resist the inevitable change

SOLUTION

Page 20: Why Your Startup Might Be In Danger Of Failing (Part 2)

Questions, Comments or Clarification?

Contact: Maverick Mentoring For Business

Email: [email protected]

Phone: 61 3 9005 8275