Many people have the impression that launching a digital startup from out of nowhere is as easy as eating a bowl of Cornflakes. But while it might be more easier than getting a physical operation off the ground, it can still be flaky business. The main pitfalls you’ll want to avoid? Read on:
Keywords: digital startup (345 words)
Many people have the impression that launching a digital startup from out of nowhere is as easy as eating a bowl of Cornflakes. But while it might be more easier than getting a physical operation off the ground, it can still be flaky business. The main pitfalls you’ll want to avoid? Read on:
Time Commitment
I’ve worked in businesses that would only operate 3-days a week while the rest of the time the CEO was off skiing. Think they were a success? Think again. Slowly but surely these businesses ran into the ground for lack of time and attention. That’s why launching a digital startup is an all-hands-on-deck endeavour. If you’re treating your business as a hobby you can bet your bottom dollar there’s someone else out there staking every claim they have on making their business a success. Invest time.
Motivational Measures
The hectic nature of working online means that employees, as well as employers, can get dragged all over the shop. That, and the fact the world’s biggest distraction, the Internet, is the foundation and base of your business. How to make sure you stay on top? Clearly define your targets and offer yourself and your employees incentives for reaching them. Don’t make these wild ballpark figures either, there’s no quicker way to ruin than demanding a “viral” or an unprecedented amount of hits.
Understand Your Business
You’d be surprised how many managers and investors I’ve worked with in a digital startup that don’t have the slightest grasp on how it is their business or those of their competitors actually work. Saying you run an Internet company is glamorous work. If you don’t understand how that work makes money? Well, it won’t be very glamorous for long. Read and stay up to date in your niche. Especially given the pace at which it the online world develops.
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