So, you’re a startup business or you’re in the process of setting up a startup here in Qatar. In that case, do you really know what you’re getting into and how you can get out of it, if the going gets tough!
Honestly speaking, many start ups fail, a lot more than you’d like to believe or want to know about, but it’s true. The interesting thing is that the reasons why they fail are countable and quite common.
That’s why we decided it was time to write about the mistakes startup business tend to make and how to avoid making them, so we can help startups here in Qatar flourish and expand, and consequently, help Qatar’s economic growth.
Let’s dive right into it then and talk about some of the common mistakes that startups make that can actually be avoided:
Sometimes, startup forget that each country has its own specific set of laws that may be different from another country. What may apply in another country, may just not apply in Qatar when you want to set up a start up. That's why, before you actually venture into starting a start up, the first and foremost thing you need to do is study the laws in Qatar and how to start a business and understand all the procedures.
Let's start you up here. Check out the following link and understand how you can set up a business here in Qatar: https://www.iloveqatar.net/news/general/startup-of-the-week-how-you-can-start-your-own-company
One of the biggest mistakes that startups make is fearing failure. Yes, it’s natural to have this fear, but does it really help. It’s kind of like you’re giving up before you’ve even begun. In this case, the most important thing to do is change the way you think. And, move forward. Fearing failure may mean that you won’t even try to take a risk, and that’s what could really be your failure. So, change your mindset and move forward with a positive outlook, and see where it takes you. Of course, that doesn’t mean you should become over-confident. It just means that you should take things in your stride, and try your best, so that even if you aren’t able to turn your startup into a big business, you know you tried your best.
Many a time, start ups think that if they could raise more money from somewhere, they will be able to get their startup off the ground and make it successful. Haven’t you ever heard the phrase, ‘money doesn’t buy everything’? It’s true, money really doesn’t buy everything, especially if your basic business model is flawed in some way. First, you need to find and fix the flaw in your business model, and then think about raising some more capital.
For a business model to work, it’s very important to plan and research, even if that takes more time than you want it to. The more time and effort you put into your business model, the more chances are that your business model will take off and your startup, too!!! Market research is very important. Too many times, we’ve seen startups rush in to start and forget the market research. You need to know what you’re up against in the market, who and what your competition is, who your target audience is, what sets you apart, etc. The more research you do, the less flawed your business model will be and the better will be your chances at success.
Businesses flourish often when they are able to create a usp for the product or service they are trying to sell. If a startup doesn't know this or fails to create one, they may be in trouble, as there may be similar products or services already in the market. That's why it's very important you focus on this and create a usp that communicates clearly to the potential user, and makes them want your product or service as badly as you want to sell it.
Startups often tend to think or believe that they can become an overnight success, and in their zealousness, they end up setting goals that may be unrealistic and beyond reach! More often than not investors in Qatar will not pay attention to startup business models that have goals that are hard-to-reach. It’s OK to have big dreams, but you have to remember to always start with small realistic goals, and have your feet firmly planted on the ground, so you can give yourself a reality check once in a while.
Startups may not always understand the importance of meeting people and building their network. You never know who may help you out in the long run. And a good, sturdy professional network may actually be the difference between failure and success for the startup. That doesn’t mean, you should ignore your existing network that may include family, friends, classmates, old colleagues, mentors, teachers, acquaintances, etc. and focus on just building a new one. It means expanding your network.
Are you a startup business? Have you been making the above mistakes? Do let us know your thoughts in our Comments section. Like and share the article - it keeps us going!
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