This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/09/10/pitfalls-to-avoid-during-your-startup-phase/
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Everyone has to start somewhere, and while some people’s luck is undoubtedly significantly better than others, for the majority of people, startups are usually as bootstrapped and painful as possible.
In today’s post our mission is to help you minimize, or altogether avoid, the painful traps a lot of startups get sucked into on their endeavor of future business success.
Margins are Too Low.
In the beginning of a startup there is a phase called “proof of concept”. This is a very broad “proof of concept” and for some it hits to the core harder than others.
For example, you may actually have a “proof of concept” as a surgeon, if you spent virtually half your adult life in school and clinics practicing for the day you officially receive your license to practice. But if you’re someone whom just has a dream of launching a social media agency, a business to consumer service, or virtually any other underwhelming by comparison business model, it’s been proven that undercutting your competitors is a tried and true model.
Jeff Bezos, founder of Amazon, has done it countless times in his own business, where he entered into a new industry, and then sold products much less than the competition. The reason for this is not to sell your self short but to build a reputation, and gain momentum.
Most entrepreneurs fail because they then attach their sense of worth with being “the underdog”. You’re the person that sells $4,000 services for $1,000… And your business slowly suffocates.
The truth is the proof of concept phase is just that, a phase. You are meant to get the testimonials, the happy customers, the great business relationships, and then pivot into making sure your business has enough capital to survive economic recessions, internal issues, sa… Read More
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