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Lotus Technologies

Starting or joining a tech start up is one the most interesting, beautiful journeys one can take on. But to be successful you really should avoid these 3 traps that we’ve seen start-ups fall into time and time (and time) again. And chances are you’re making one of these huge mistakes right now. 

 

1) You Don’t Have Product-Market Fit And You Refuse To Admit It.

This is a phase a lot of people get stuck in for years at a time. Just because colleagues have told you that your product is great doesn’t mean you have product-market fit. And just because you’ve raised money doesn’t mean you have product-market fit either.

It’s easy as optimistic entrepreneurs to get lost in metrics and ideas that affirm your initial ideas. But you have to stay realistic about where you’re at so you can understand how you can get to where you need to go. Every day you need to ask yourself the “real” questions. If you’re selling a tech solution, are customers purchasing your product? If you have a consumer facing product, are users engaging consistently on your platform? Are you growing at the rate you need to? And be ready to abandon your current strategies if you need to.

Too easily do I see founders get lost in KPI’s and metrics that are not at all essential for growth. Even as they grow successful, they lose focus on the paths of least resistance.

 

 

2) You Spend Too Much Time And Money On Things That Don’t Produce Results.

 

Watch out for this trap.

Think about how you spend your time and money right now. Think of where you’ve invested in certain marketing strategies, down to the people you’ve invested in. Now be realistic about the results they yield and ask yourself if that’s the return on the investment you’re looking for.

I’ve seen entrepreneurs brag about techniques they thought were clever and interesting but when asked about the results they actually yielded, they were negligible. This may sound silly but it’s very common. Are your sales people “really” closing enough deals? Or would you be better off with a good marketing person and a great account management person? Is one of your strategies working but you’re not giving it the attention it deserves because it seems hard to scale?

These are the questions that could change your entire world.

 

3) You Think There’s A ‘Magic Bullet’ Solution To Fundamental Problems In Your Company.

How many times have you heard “If I just hire this VP of marketing, then X will finally be solved!” or “If I just raise a round to spend on ads, then we’ll be rolling in cash!” ?

Now to be fair, some of those are solutions to some problemsBut if you’re having a fundamental problem, like you can’t figure out how to generate leads or you can’t find a niche to focus your efforts on, you probably won’t be able to hire someone to solve that issue. Let’s be honest, the people who know the answers to problems like that usually run their own companies. It’s your job as an entrepreneur to build the scaffold that your employees build upon.

 

4) (BONUS) You’re Afraid To Be Unconventional.

Most businesses competing in any market are using the same strategies as their competition, plus or minus 10%. But if you want unconventionally high levels of success you need to employ strategies that are unconventionally efficient. What are techniques that your competition isn’t employing? What do you know that they don’t? Or if you have no competition, what are strategies you could deploy with your current personal resources and networks that could get you to the next stage? Remember success is not magic, but it will come across as magic to people who move too conventionally.

Be unconventional.

 

If you’re a tech start-up and you want a faster, convenient and more affordable way to develop apps checkout the rest of our site: LotusTech.NYC

We make early stage start-ups powerful by providing unlimited on demand development at

affordable monthly rates. 

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