Whether it´s a mistake or an opportunity, one of the most common failings I see in working with start-up companies is lack of differentiation. Too often, companies get caught-up in their ability to produce something and overlook the realities in their market and competitive landscape. Just because you can be in business doesn´t mean you should.
It’s amazing how much capital investment can be burned by companies with no compelling reason to exist.
An interesting question many start-up companies never fully ask or honestly answer of themselves is: Why should a prospective customer choose our solution as opposed to our top three competitors? Why should a customer choose to do business with me as opposed to my competition? What is the compelling reason to do business with my company?
If you can´t come up with and live by a sincere, honest, no BS answer to those three questions"?¦you have little chance of being successful in your chosen business. If you can answer those three questions honestly and have a tangible answer that customers will acknowledge"?¦you´re well on your way to financial success.
BingBangBuzz offers a list of 17 mistakes start-up companies make, as well as five tips to get your business in order. It´s a good list and gives you plenty to think about and be aware of. Mistakes 12 and 13 are favorites of mine"?¦read, heed, and enjoy!