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6 start-up mistakes to be avoided for Entrepreneurs
Prepared By;
Rathod Abhik
(13MMF0001)
Who is entrepreneur? What is
Entrepreneurship? Who can become an
Entrepreneur?
Questions To be Answered Have you done sufficient research? Should you approach a venture capitalist or a bank to fund
your business? How much time you give to your business to start churning
profits? Is it a time to start a business or wait till you gain the required
experience?
6 start-up mistakes Not doing adequate research Moving ahead on flawed assumption Scaling up too early Not keeping tabs on expenses Underestimating manpower needs Not maintaining a financial buffer
Not doing adequate research Sufficient market research Through research Ignoring Results
LootStreet.com( Arun Balakrishnan )
Moving ahead on flawed assumptions
Bugs of market research Incorrect estimates of market Expenses Putting too much pressure on employees
Taggle.com ( Rutvik Doshi ) Koolkart.com ( Suneil Chawla )
Scaling up too early Early Growth Limited Experience Scaled up without fixing a problem Inadequate funding
Not keeping tabs on expenses
Unnecessary expense Try to be frugal Keep the overhead cost low
Underestimating manpower need
Lack of manpower Wasting time on someone’s strategy
Not maintaining a financial buffer
Hesitation to start up a venture Short gestation period of business venture Lack of contingency fund
The 6 Traits of successful entrepreneurs
Be agile Know your audience, and be unique Be a risk-taker Commit to a business model Follow your gut instinct Build an accessible network of experts