Top 10 Tips To Navigate The Startup World
Ever wonder why 90% of startups fail? 💔
Understanding the pitfalls that startups face can drastically improve your chances of success. Based on our decades of experience, here are the Top 10 Tips to navigate the startup world and turn those odds around:
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Ignoring Expert Advice: Some inventors think, "I don’t need to follow a proven process from experts, I can get to market alone." Trial and error will always take more time and money than leveraging a proven process and team. Save yourself the grief and seek expert guidance so that you can have peace of mind.
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Falling for Unnecessary Add-Ons: Do you have “sucker” written on your forehead for those that prey on inventors? Don't get weighed down by extras you don't need! Identify and focus on what truly moves the needle for your business rather than splurging on every suggested service or product.
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Rushing to Patent: Worried someone will steal your idea? This common fear leads inventors to think: "I must get a patent first." Don't put on your running shoes before you know the race course. Validate what customers want and confirm the manufacturing process before you hit the ground running with a patent. Use a Non Disclosure Agreement until the patent is filed.
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Seeking an Easy Out: Dreaming of a licensing deal without doing any work? Remember, there's no magic elevator to success—just a staircase. Embrace the climb, step by step, to build real, lasting value.
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Over-Valuing Aesthetics: If you're thinking, "I need to pay a company to create a really cool logo," be careful. A logo more puzzling than Picasso won’t help. Clarity wins—your brand and tag line should answer questions, not raise them.
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Oversimplifying Packaging: Wanting packaging that is clean and simple like Apple is understandable, but don’t play hide and seek with your value proposition. Packaging can be sleek, but make sure your message shines through concisely and clearly.
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Assuming No Competition: Believing there is nothing like your product in the world is naïve. This stance can be a negative as there is no established market or demand for your product. Every product has direct and indirect rivals, so address them head on while making your product stand out with a clear differentiation strategy.
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Relying on Biased Feedback: It’s easy to listen to a supportive mom or relatives over professional advice. They're looking out for you, but unless they've taken hundreds of products to market, they may inadvertently be leading you down the wrong path. Always seek expertise, not opinions, to steer your venture towards success.
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DIY Factory Sourcing: Many think, "I can find a factory on my own." Choosing the wrong factory could destroy all your hard work. Whether it's us or someone else, partner with someone experienced in sourcing factories. There's a lot to manage, including tooling, QA testing, compliance, customs, and logistics.
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Underestimating Professional Presentation: Approaching a retail buyer blindly can permanently damage your credibility. Retail buyers use specific acronyms and terminology, and if you can't answer their questions, you will sound like a rookie inventor. Partner with a team that has a track record and experience to give retail buyers the confidence they need to carry your product.
Navigating the startup world is no small feat, which is why 90% of startups fail, but with the right approach and team, you can significantly improve your odds of success.
We hope you've enjoyed our Top 10 Tips!
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