why your startup might be in danger of failing (part 2)

Why Your Startup Might

Be In Danger Of Failing

(Part 2)

There are so many things that could damage

the chances for success of a startup or even

drive them to bankruptcy & total closure

Employee’s Egotism

It’s true that startups need talented,

experienced, and energetic people who have

specialised knowledge to grow & succeed

However, be very aware when hiring an

excellent person as they could turn out to

be an egoist

Building a business is a team effort, and it

only takes one prima donna to send every

effort of the whole team into the bin

Be extra careful when hiring new

employee to preserve the harmony within

the business

Conduct team review & carry out team

building activities regularly

SOLUTION

Sloppiness

Entrepreneurs & startups have nothing to

lean on when they fumble, which means

they must be extra meticulous to make sure

that nothing will fall through the cracks

Sloppiness causes startups to fail through:

• Poor products

• Bad location

• Legal challenges

Identify whether you are a sloppy person

in business or not

If you tend to focus on the big picture

more, find a partner who’s detail-oriented

to help you with business planning

SOLUTION

Life/Work Imbalance

A lack of work/life balance will create

stress, which when go on for a long time will

prompt a person to make bad decisions

Life/work imbalance will cause entrepreneurs

(and their business) to fail due to:

• Loss of focus

• Lack of passion

• Burning out

Lessen your stress level by exercising or

meditate on a daily basis, switch off your

phone when you go to bed, eating with no

distractions, etc.

SOLUTION

Inflexibility

Some startups tend to continue to pursue

its course of action even after it’s been

proven impractical

Instil in your brain & mark on your plan

the possibility of a radical change of

direction for your business from day 1

Don’t try to resist the inevitable change

SOLUTION

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Questions, Comments or Clarification?

Contact: Maverick Mentoring For Business

Email: peter@maverickmentoringforbusiness.com.au

Phone: 61 3 9005 8275