Top 6 startup risks to avoid

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Top 6 startup risks to avoid

• By Avaiil
• https//avaiil.com/

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(No Transcript)
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•  Startup Risks the newly evolving and trending
  thing of the current generation. What is a
  startup? And what is the difference between the
  startup and business in the very first place?
• People think startups mean business well wont
  deny it is not that but, startups are basically
  and literally the start of the organization, the
  initial phase before setting up their business
  models and turning into a kind of sustainable
  fully functional, and working business. 
• The intention of the start of any kind of
  business is solely focused on making or providing
  a good experience to the consumers to identify
  the problems they face. So, during this process,
  there are several things that startups learn and
  grow.
• However, the startup founders should keep in mind
  certain key points to leverage their results and
  avoid the risks. Some signs make you aware to
  take actions to avoid some foreseen risks, which
  I would discuss in this blog and are as follows

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You dont  know your target audience (know the
areas of the problem)

•  The whole venture relies on what problem
  statement is resolved and knows that the first
  step is to know who are targeted with these
  problems to cater to the needs of the targeted
  audience.
• The startup thrives on the response of the target
  audience if you do not the specific target
  audience how are you supposedly going to grow?
  You need to keep up with your social media
  presence, get to know constant feedback from the
  target audience.
• If you do not know the exact set of audience you
  are targeting with your service or product you
  are at a risky place and should very quickly try
  to get to know it and work on the feedback
  generated by them.

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You dont know what your consumers/clients/custome
rs want

• Even after knowing your target audience, if you
  dont exactly know what they want and how your
  product or service is going to help them then you
  are soon going to hit rock bottom.
• The process of getting to know what the consumer
  of your product or service demands can be a
  little difficult at times but you have to stick
  to it in order to thrive and succeed.
• The gap between what you are offering and what
  customer or consumer needs is exactly what
  decides the growth of the startup. All the
  strategies of making the startup grow must be
  applied here.

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You arent in constant touch with the market.

•  Even the brightest idea fails if they do not
  align with the constant updates of the market. If
  your startup does not evolve with time, with the
  market the startup will soon fail miserably. Your
  startup grows when it adapts to the market
  forces.
• The market can be very unpredictable, fast-paced,
  and sometimes extremely frustrating to deal with
  but you need to strike your middle ground for
  your startup to sustain. You need to look out and
  be in constant touch with the market and your
  competitors.

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You dont adapt fast to the market.

• If you do not adapt to the changes and take
  actions accordingly on time there are high
  chances of failure because as the saying goes If
  you dont work on your dream someone else will,
  its a competitive world, and the only way out is
  to evolve and adapt with time if you dont your
  competitors will, so better buckle up.
• Take actions and decisions very wisely at the
  right time. If you are slow or delay in taking
  action, there are higher chances of risk and your
  startup to cease. The quote better late than
  never DOES NOT work in startups. You need to
  make smarter decisions at the right time.

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You do not have a mentor or you arent listening
to your mentor and your team

• Without a blink of an eye, I can say that any
  kind of business is teamwork, it does not matter
  if its a small business, handled by
  solopreneurs. Business revolves around people.
• They are led by people for the betterment of
  people so without a doubt, you need to have a
  rock-solid team and have extremely good
  relationships with them and within them. 
• The communication between you and your team must
  be extremely transparent and your first priority
  must always be to be in touch with them and
  listen to them, if they have any concerns, ideas,
  or anything you should listen and act
  accordingly.
• If any kind of dispute here the startup will be
  hugely affected, it affects your brand name and
  also other things.
• Secondly, the major investment personally and
  professionally is to have a mentor. You do not
  necessarily have only one mentor because there is
  no one size fits all here.
• You can have various mentors to guide you about
  various departments, the one in which they have
  their expertise and experience, so always have a
  strong professional network and listen to them
  however harsh it might sound at times, mentors
  words come out of depth and plethora of knowledge
  they have with the years of experience they have.

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You are not managing or generating revenue Most
Important Startup Risks

• One of the major reasons for most startups to
  fail. It is very understandable for your startups
  to face immense issues in generating revenue in
  the first year of setting up, it is difficult but
  you cannot and should not stop focusing on this
  aspect.
• This is the main aim of your startup and one
  which will keep your startup afloat. If you are
  not generating revenue your startup ceases sooner
  than you think, you wont be able to sustain or
  fulfill the targets you have set.
• It reduces your credibility in the market and the
  worst case is your startup ending with mounts of
  debt which is extremely bad. So, you must make it
  a point to generate recurring revenue as well as
  always keep a focus on it to maintain the same. 
• To know more
• https//avaiil.com/top-6-startup-risks-to-avoid/