Business

Heads-up for Your Start-up: How to Counter Various Risks to Your Nascent Business

So, you’ve got your start-up in the starting blocks and it’s all tremendously exciting. With luck you’ll be well on your way to untold fortune and plaudits by this time next year.

Yes? Well, maybe. At the risk of sounding utterly miserable, there are plenty of pitfalls that a start-up entrepreneur needs to steer around. This is a list of some of them, together with some tips on what to do about them.

Pep Up your Planning

Plans can founder due to a failure to be detailed enough, or no contingency arrangements, or just being unrealistic about timeframes.

You might think you’re an excellent planner. However, the best plans are those that the best planners draw up, then take to others to review

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As good as you are, you won’t think of everything. So double your plan’s chances of success by seeking another point of view. It won’t hurt and will almost definitely help.

Topping-up the Top

Bad leadership is rife, unfortunately. A whopping 82% of leaders are not very good at leading people. This is a real problem, not least because bad leadership tends to debilitate the whole organisation.

Moreover, it takes quite a leader to recognise bad leadership in themselves and to seek redress. The worst leaders simply don’t see how bad they are. So, it’s always wisest to err on the side of caution and to involve others in your decision-making process. Just in case you’re not as good as you think you are.

Or, if you don’t want to be that collegiate, perhaps just have a regular informal chat with somebody whose opinion you respect, on the subject of your leadership of late. They’ll obviously have to feel that they can speak relatively freely and that it’s not some kind of trap set by a narcissistic maniac.

Failing this, you could always look at what courses you might take. The Open University, for instance, teaches very highly regarded business and management courses.

Mastering the Marketing

The world of advertising, marketing and promotion is a tricky one to navigate if you’re a neophyte. Massive expenditure on foolhardy options can result and this is right at the point in your business’s life where you need sensible spending on intelligent marketing.

Thankfully, there are solutions at hand on the internet, such as the assistance Clear Start offers with Out Of Home advertising.

Cater to the Customer

The ultimate decider on your start-up’s fate is none other than the customer. One forgets this sometimes. Indeed, it’s easy to think that the problem isn’t with the product but with the customer who stubbornly refuses to get it.

Probably the most important lesson that a start-up entrepreneur can learn is that they don’t have the monopoly on wisdom, even on what they consider to be their specialist area. If things aren’t going well, it may be that the product needs addressing. Hopefully, this won’t mean killing your darlings. But you may have to tweak them a bit.

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Securing the Start-Up

It has to be said that a huge part of a start-up’s survival is down to belief and drive, so don’t let this list get you down. With the right balance of positivity and pragmatism, you’ll stand a good chance of seeing success