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Monday, 15 February 2016

Important Lessons Entrepreneurs must learn from Startup Failures

Life is a journey of learning and experiencing. The journey of success of a startup always consists of some hurdles. Failures are common in the life of entrepreneurs but learning from failures is the biggest achievement of an entrepreneur.Startups are connected with invention and innovation. Failures are common in the path of innovation. But these failures take people to a new plane of thought and innovation. Sp one trait that every successful startup exhibits is the zeal to learn. Mistakes are common but learning from them is what makes an entrepreneur successful. So you must check the common mistakes done by startups to avoid them and proceed to the path of success. Take a look at the lessons you must learn from Startups failures

Don't neglect your team - You cannot clap without using both the hands. Similarly you cannot succeed without an active participation of your team. All great products in this world are outcome of excellent team work and co-ordination. Don't underestimate the power of team work. A startup founder must bring a zeal and hunger for innovation in the team to increase the productivity. Give importance to each and every member of your team. Try to retain talent to get a nice outcome.

Maintain work culture - Startups are preferred job destinations for youngsters due to cool ecosystem and flexible timings. However startup founder should insist the team to work more and more to increase productivity. Don't enforce the 9 to 5 culture but don't put productivity and innovation at risk.

Use the funding efficiently - The astronomical sums received by startups as funding gave rise to the topic of startup bubble. Already the news of shutting down of startups due to lack of funding have started appearing and many startups are in pipeline of losing their existence. Investors now want returns from their investments. So focus on profit and try to reduce the expenses. Tweak the business model to make your startup capable of generating some positive cash flow and focus on reducing dependance on investor's money.

Divide the target into milestones - For good productivity and growth, break the project into specific milestones with a certain time frame. Organizing the work and project into small tasks will lead to better results.

Love your work - Choose a niche for business in which you have interest. If you like coding, go for an IT or app development business. If you like cooking start your food chain.When you will do a work which you like, you will never feel like working.