Startups take birth every day in the market, and many of them die soon. The real reason behind these is not entirely the inefficiency of the CEO’s, rather a lot of things happen when a startup initiates. The founders of these startups learn a lot of valuable lessons through experiences.
Sales and Marketing
The primary target of a sales and marketing company is to pitch the right product at the right time and to the right customer for its success. Instead of making the product reach into the market, the founders and their teams focus on things that surround the product.
The only thing that matters, in such cases, is to provide people a product that solves their purpose and makes them pay for it. The companies spend a lot of time, money and efforts on marketing plans, other collateral and blog posts just to bring the product in the lights. The more focus should be on sales activities.
Too much time attempts just for the sake of fundraising may hamper the sales process. If the enterprise does not have the right traction, raising large funds becomes meaningful. Also, one of the most important decision is deciding the price of the product. Funding plays the most important role in the company.
The Right Hiring
The CEO believes that they should have hired a full-time developer and an experienced CTO. The lag of these created communication and processing gaps around product vision and feedback from prospects. The CEO says that he was inexperienced to be a good manager when it comes to delegation and communication, especially with the inner members of the team.
The Practical Approach
Some of the founders become emotional and sensitive, making business decisions as the firm achievements are something they have always dreamed. One of the major areas that cause disagreements and fights are straightforward and basic things such as Logos and Titles. The team was also emotional when they lost their first lead and also had a lot of hope for the future, but “hope” is not something that works in business. The team and the founders also had disagreements and uncertainties on hiring decisions. Due to all these reasons, the founders lost a lot of efforts and energy that could have been invested meeting goals- all such things also made them loose deadlines and made the company pushed back many due dates.
The team also spent a lot of time on irrelevant administrative details, campaigns, and promotions instead on pitching the product right into the market although it was ready to be delivered and tested already. The team also showed an unwillingness to ship or release the product, although it was ready for the market.
Putting a lot of efforts, money and time just for the sake of design is not something advisable. The CEO states that the design should be kept as simple as possible and most importantly, it should meet the primary requirements of the customer.
Launching the Product
According to the experience, it is better to start the product as soon as it fulfills the necessary requirements. Making it perfect is good, but that can take a lot of time and delay. It is just not affordable when it is already ready for the market. The product can always be iterated as needed and as per the feedbacks of the users.