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What’s One of the Most Common Mistakes Made by Startups?

What’s One of the Most Common Mistakes Made by Startups?

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Startup founders are usually a special mixture of paranoid coupled with genius; and, as a result keep information close to the pocket protected vest.  Recognizing there’s a time and place for keeping company information protected, inversely, not knowing when to get customer feedback is one of the main reasons a start-up fails.

Three Management Reasons Startups Fail**

1.  Lack of market awareness/customer understanding

2.  Lack of clear focus

3.  Pride/Ego

 

When consulting, the first thing I tell a potential client— everyone needs to check their ego at the door. Our combined goal is to achieve success for their business.  And second, I work with them and not for them.  It is a subtle distinction, yet a necessary one.  This allows me to do my job to the best of my abilities on their behalf; and, provide feedback they are normally resistant to hearing, which includes customer feedback.

 

Any information is good information it’s what anyone chooses to do with that information that decides future outcomes.  Ignore customer feedback for too long, and you may not have customers to ignore much longer.

 

Learn how to incorporate customer feedback into your start-up or existing business:  www.mmpiher.com

Source:

*Why the Lean Start-Up Changes Everything, Steve Blank, Harvard Business Review, May 2013

**Startup Failures by Industry  July 2002

http://www.statisticbrain.com/startup-failure-by-industry/

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