Image Credit: Conextus
During the Summer of 2015 I started my first business with a few other friends called Conextus (Website: http://conextus.ca), a social media startup aimed at bettering the social lives, bridging the community gap, reduce isolation and help foster great friendships among College/University Students on campus! Unfortunately our business team made a series of fatal mistakes, which is detrimental and are potential causes of failure for many business startups though Conextus miraculously survived to go into overhaul!
As one of Conextus’ key leaders, I am very much responsible for the series of fatal business mistakes, which could have but were not prevented. Ultimately, the point of this miniseries of posts is providing you with firsthand experience of mistakes startups such as Conextus make causing failure or stunted growth. However, your business startup can avoid much of the Success Killing mistakes my team and I made. So read on and take heed of these points beginning with Part.1 below!
1) Neglecting Chief Service
A chief mistake the Conextus business team and by extension myself made was neglecting our chief business service. In the case of Conextus our chief service was our social media app, which in a nutshell was to help university and college students foster new social connections. Instead of making it our number one priority to complete and perfect our product we went ahead prematurely with other business activities like marketing, website design, startup contests and the like without having a finished solid first. This mistake the business team and I made deprived us of business legitimacy we could have had if we finished designing our product first.
2) Gun Jumping
Another mistake the business team and I made hinted in the above point was jumping the gun. Too eager to get the ball rolling for Conextus we went ahead of ourselves too much and failed to consolidate ourselves. Yes, we went too much in to the promotional side of things for Conextus too soon before we even had a chance to consolidate our team or have a finished product to show! While planning ahead and moving forward is integral for a new business’ success, this can lead to gun jumping, the end result being an uncertain and unstable business.
End Of Part.1
I sincerely hope that the advice provided so far has been helpful and that you have learned something to apply in your own business start-up career! As an entrepreneur let the mistakes of Conextus Team (Though We Fortunately Survived And Are Now Recovering In Overhaul!) and I be a lesson for you and your team so that your business doesn’t make these same mistakes and if you do learn from them so you quickly bounce back!
If you are a Business Leader or a Team Leader like myself, then utilize your leadership to help your prevent Team these same deadly mistakes from blunting your progress. Stay tuned for Part.2 of this miniseries, keeping in mind these lessons from Part.1 until then!
Image Credit: My Own