9 Typical Startup Setbacks And Ideas on How to handle them

 

Expect-Delays

STARTUP SET BACK TO PREVENT TO ADDRESS
Business Model Failure Follow lean startup principles and engage early on with customers via the MVP methods. Analyze Product – Market fit & potential customer persona. Understand what customer really wants. Evaluate if the existing product / development efforts could be leveraged for a revised Business Model and redo the MVP first.
Missing Deadlines

 

Practice good project management skills and always track the right tasks to completion. Evaluate Impact level and its effects. Develop & Implement Mitigations / Alternate Paths based on the impact level & effects
Budget Overrun

 

Continuously track cash on hand and evaluate budget status on a bi-weekly basis at minimum Evaluate & adjust areas where cost cuttings or postponing the costs to be incurred would be feasible.
Lack Of Funding

 

Always estimate funding requirements for 3x the break even amounts and have plan and agreements on how to secure funding until 3x Break even amount is reached in gross profits Evaluate how much funding is required additionally, sources for availing funding, risks associated with various sources and feasibility to start revenues with funding being procured
Lack Off / Loss Of Key Team Member With Required Key Skills

 

Good project management skills outline the actions required and the timelines which allow for right outsourcing judgments or for new team members to pick up fast and start contributing effectively

 

Evaluate outsourcing options at freelance sites or new partners at various co-founder / team partner search websites
Loss Of Morale & Stressed Out

 

Always have milestones and celebrate incremental success. Take a break and put back the solution options to start over
Not Able Gain Customers  Traction

 

Understand Customer Personas, Network Ahead, Develop & Implement effective marketing plan

 

Revise marketing plan and if financial viable could Outsource marketing efforts to learn and reach in more effective ways
Lack Of Time

 

Understand & focus on the strategic needs. Organize all actions in relevance. Evaluate & Prioritize Actions. Use Project Management tools to work more effectively in teams.
Hit With Unexpected Risks Follow the best practices of Risk Management Evaluate the impact of the risk realized and develop mitigation plans and closely follow up for resolution.

 

 

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