What we can learn from Startup’s that were huge but failed
Many startups that started well with good funding went out of the sight in now time. They give us some valuable tips to learn that we try to cover at Startup-buzz.com.
Startup environment is different compared to a company or corporate. A company or enterprise has its building block placed with time and with experienced skilled professionals. Startup rather is an open challenge for everyone to perform. Many valuable startups that were offered a good funding’s at the initial stage are not in the pictures. Ample of valuable points they offer us others to learn and utilize are below.
Young and Experienced are two different sides of two different coins – Startup’s hire a huge amount of people mostly dynamic and fresh out of the colleges. Especially when it comes to Tech firm. But this adds a dent in the challenging environment. Startups’ must observe a radiant difference between the young and experienced. Those are ready to do the challenges are always dynamic on their post but with that having enough experience will reduce the risk factor. Cultivating task from young sometime puts them into the pressure as they are new to the platform. Rather an experience is the one that is capable of maintaining stability between work flow and productive ideas. Startups must pitch young to move from fresh dynamic nature to experienced professionals with time.
Hiring & Firing system – Sounds cruel, but it is an effective way to have a grip on the team. When a person enters a firm with a motive to get a stable career, the hiring and firing system keeps him/her alert all the time. Young professionals are ready to push themselves always and that is the time when this system will give you the best one who is ready to work out of the box. Stretching a huge team that works, but on less productive environment with loopholes can be a huge liability.
Upgrading the Team – Identify the key team players. One who love to play on the front without fear. Force them to upgrade and be more innovative in their work. They are the future leaders for startups. Key team players are valuable asset. In long run their skills has to be upgraded. It is only possible if the company is ready to give them the environment. Skill enhancement, technical development, education, etc. are certain key elements.
- Failure is not prominent, it is decisive. A startup that has a good funding in start can fell with time.
- There are core sectors where every startup must work, build leaders who lead instead who follow.