Why Your Startup Might
Be In Danger Of Failing
(Part 2)
There are so many things that could damage
the chances for success of a startup or even
drive them to bankruptcy & total closure
Employee’s Egotism
It’s true that startups need talented,
experienced, and energetic people who have
specialised knowledge to grow & succeed
However, be very aware when hiring an
excellent person as they could turn out to
be an egoist
Building a business is a team effort, and it
only takes one prima donna to send every
effort of the whole team into the bin
Be extra careful when hiring new
employee to preserve the harmony within
the business
Conduct team review & carry out team
building activities regularly
SOLUTION
Sloppiness
Entrepreneurs & startups have nothing to
lean on when they fumble, which means
they must be extra meticulous to make sure
that nothing will fall through the cracks
Sloppiness causes startups to fail through:
• Poor products
• Bad location
• Legal challenges
Identify whether you are a sloppy person
in business or not
If you tend to focus on the big picture
more, find a partner who’s detail-oriented
to help you with business planning
SOLUTION
Life/Work Imbalance
A lack of work/life balance will create
stress, which when go on for a long time will
prompt a person to make bad decisions
Life/work imbalance will cause entrepreneurs
(and their business) to fail due to:
• Loss of focus
• Lack of passion
• Burning out
Lessen your stress level by exercising or
meditate on a daily basis, switch off your
phone when you go to bed, eating with no
distractions, etc.
SOLUTION
Inflexibility
Some startups tend to continue to pursue
its course of action even after it’s been
proven impractical
Instil in your brain & mark on your plan
the possibility of a radical change of
direction for your business from day 1
Don’t try to resist the inevitable change
SOLUTION
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Questions, Comments or Clarification?
Contact: Maverick Mentoring For Business
Email: [email protected]
Phone: 61 3 9005 8275
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