Any startup meeting a disaster is something not actually expected. It often strikes unknowingly and unexpectedly. Just like any natural calamity, it affects the startup business most miserably. It’s painful when it happens, but it is the time when any entrepreneur need to think what went wrong that could have been avoided first hand. Having a backup plan ready before hand is the most important solutions any startup should be equipped with.
Majority of the business disasters are preventable if some preventive measures have been taken up at the right time. In addition, there are several effective and affordable business startup solutions to deploy that can help you achieve your desired objective. Let’s have an insight what those disasters are and the respective preventive measures!
Disaster 1: Stealing Other’s Creativity
What if you try the above explained point with other’s idea or creativity without their authorization? This would affect your startup badly as it can accuse of breaching copyright of someone else. This could be the disaster of your life earning you bad publicity before you start the business and leverage the profits.
No entrepreneur would do this purposely, majority of the times, it is done unknowingly. It may happen that, you choose a name but it is already used by other company’s brand, though it was just a mistake while market research, but it could take your startup towards the dead end. Spend more time in market research to initiate the unique approach that can prevent your business meeting such disaster.
Disaster 2: Your Creativity is Stolen
You might be very creative, but what if your creativity is being copied before you use it productively? It’s a serious situation to think over! If you have an idea of the business and in cease to speed up the process you forget to follow the trademark process, you might face severe repercussions. You might have disclosed it before your partner or friends without a non-disclosure policy. This scenario would lead to such situation. Anyone can steal your product design or the whole business idea. Your competitors might even sell it to the other interested companies under their name and copyright. And this is how your business idea will no more be solely yours.
Analyzing the market completely to brush-up an idea is a good method. Don’t let your excitement rush in before the completion of traditional trademarking process, which gives your business a brand identity and prevents your business from getting copied.
Disaster 3: Improper Fund Planning
Prior to stepping into the market, pre-planning is mandatory. Business idea, marketing strategies, fund required are the crucial factors that needs severe consideration. Out of which, fund is the biggest aspect that keeps your business run flawlessly. The improper fund planning might affect the business performance, but this disaster is controllable.
Some sudden developments in the business might shake your business fund planning completely. While some situations might arise due to improper planning while building business strategies. You will not be able to pay your employees or important bills in such case. Monitor the startup’s expenditures carefully and ensure that you have fool proof plan to secure funds for your business from various resources. The enterprise functioning might go haywire, just because the planning, failed.
Disaster 4: Lack of Entrepreneurial Skills
If you think a startup just needs strategies, fund, and manpower, you are wrong. You need entrepreneurial skills to organize and manage the business. Not every runner wins the race, the same way, not every tech startup gets desired success. Business heads having both technical and marketing skills can take their startups to the next level easily, but those lacking either of the skills, find it difficult to run the business as they need to rely on their employees crucial decisions.
Entrepreneurs lacking entrepreneurial skills can degrade the business performance. Thus getting the complete knowledge about the business and the market trends would help the fresh entrepreneurs to take the company to a long journey.
Take action before such disasters affect your startup company. With just few preventive measures, you can secure your endeavor to move towards success. You can never guarantee success, but you can try up to an extent, which would protect your startup company from getting horrifying results.
