The right startup can change all your life. But the wrong one can ruin it for you. This blog share about the biggest mistakes founders make when starting up and how does it harm them during their startup journey. Even after launching your startup, it's not over. You will learn new things every day that you used to know; you need to keep your head up and understand how much work goes on behind the scenes of a startup.
As a startup founder, when you get obsessed with getting more customers. You think about the next feature to build, new products to launch and actions to take. Your time is consumed by managing budgets and making sure you don't let your product suffer from neglect. With all this going on, it's easy to forget about other aspects of running a business-like security, automation and how much money you actually earn per month. Mainly this blog will cover all the most important aspects of startup.
Lesson 1: Handle security
Lesson 2: Automation is key to scalability
Lesson 3: How do you manage money?
Handle security
A lot of people in their early startup days think they can do everything themselves. But even if you're a guru in your field, it's hard to keep up with everything. You have to rely on other people to help out and make sure that your systems are secure. And they will want payment for this service, so it's important to plan ahead and think about how much you can afford to pay them.
Some things are just too important not to do yourself, but you can't do them alone. You need constant attention from other people who know what they're doing. For example, if you're setting up a website or an app, there's always going to be some aspect of it that needs help from someone else—it might be design or development or marketing or support or anything else. So, you need to find those people and hire them as employees as soon as possible; otherwise, there's no way your company will ever grow past a certain point.
There's a lot of talk about security in startup culture. But the conversation often tends to focus on the need for better passwords, stronger encryption and better firewalls. And while those are all important steps, they're not enough. There's more to it than just that. It can be easy to focus on growth, build a product and get users. But if you don’t have a clear idea of what constitutes ‘secure’, then you may end up with a product that is insecure by default. This is one reason why many startups fail: they were never able to get their heads around security.
Automation is key to scalability
"Automation is key to scalability in startup," said Jim Phillips, who recently left his role as CTO of Slack. "As the company grows and gets more distributed, automated systems have become essential."
When you're starting out, manual processes can be fun and exciting — but once you start growing fast, having to manage manual processes can be a nightmare. In this blog, we discuss how automation helps startups scale faster than ever before.
How do you manage money?
The first thing you need to remember is that if you are building a startup, you can’t afford to go into debt. So, when you start looking at your ideas for a startup, the last thing you should do is go into debt. The cost of starting a company from scratch is high, so it’s important to be realistic about what your business will cost.
A good way to do this is by doing some research on accounting software and cloud services like Microsoft Azure (or Google Cloud Platform).
When it comes time to launch your new business, there are three things that are essential:
1) tools, process and approaches
2) penetration testing
3) marketing
Your next step should be to create a budget. This includes all aspects of your business including sales revenue, expenses, and payroll costs. When creating your budget, make sure that it includes all future costs as well as ones already incurred. You should also include any additional funds that might be needed during the course of the year.
Once you've created your budget, analyze where your money is going each month and use that information as a guide when setting goals for how much money should come in during different time periods. This will help keep everyone focused on what they need to accomplish each month, so they aren't spending too much time worrying about how much money they have left after paying bills.
Conclusion:
I think that the key takeaway from this is to remember that no matter what, startups are innovations and there will always be some factors that you won't have the opportunity to experience. But you have to identify these and work around them as much as possible. You should never forget the goal you set for yourself. Money must be made, market must be penetrated, and product must be sold. Create purposeful schedules for yourselves. Set up metrics for each of your tasks and keep track of how much time is spent on each one. Be honest with yourself and people around you might be helpful to know more about the actual progress. Connect with more users, learn more about demographics of your customers, identify the pain points they face in their lives. If you have enough money manage it wisely by avoiding bank interest as much as possible while keeping a track of expenses and investments.
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