Author Archives: jane

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The Most Common Mistakes Founders Make and How to Avoid Them

Starting a business is undoubtedly risky and hard work. Many startups fail due to several common mistakes. Even though failure is part of the learning process, it is not really necessary. Learning from the mistakes of others can help you succeed as a startup founder. You will avoid some of the typical founders’ mistakes. To build a successful startup, do not repeat these common errors.

1. Creating product or service no one needs

Many startup founders get blinded by their ideas and create services or goods they believe people will purchase. However, this is not often the case. It may be that the service or product falls into an industry or category where there will be a need for it in the future, but its form is not the right one. You can avoid this mistake by performing market research. Apart from traditional research, collecting potential customer reviews is also vital. This will help you understand if consumers will buy your product or service. Start by building a minimum viable product to see if people need it.

2. Inadequate planning

It is not necessary to create a forty-page business plan. However, you need a basic strategic plan to follow. A plan is vital for sustaining your idea. Although planning may be tedious, it will help you have a roadmap for your company. You should have clear steps on the way to proceed in a manner that provides you the flexibility of adapting to the ebb and flow of your industry. If you are too busy to get your startup business running or the thought of writing a business plan is intimidating, there is no need to get stressed. You just need a simple strategy which outlines marketing, finances and key business details. After that, add some goals which will help you stay on track during your daily operations.

3. Half-hearted attempts

To build a business, you need patience and passion. You also should understand that running a business will affect other areas of your life as well. Therefore, be willing to make sacrifices, deal with the challenges you will face and put in the required time to be successful. Inform your family and friends about the time you have to spend running your business so that they can be more supportive of your vision. You will need their support in the frustrating and stressful life of a startup founder.

4. Waiting for perfection

Waiting until things can be done perfectly has killed many startups. It is natural for entrepreneurs to want to introduce their killer ideas to the world in their best form. However, perfectionism can stall your progress. Your enterprise is not going to be perfect. You will have to work on the imperfections and you can only do so after launching it. It is impossible to grow your startup by attempting to perfect something before encountering the real problems your customers will have. No business launches perfect solutions from the start. Furthermore, early adopters of new products or services are fairly tolerant. Therefore, seek to improve your services or products incrementally.

5. Bad pricing

Pricing

Setting a price that either undervalues or overestimates a service or product is one of the common founders’ mistakes. To price your services or products correctly, it is critical to understand the variation in labor rates, tax consequences, and your actual expenses will be. Many startup founders underprice their service of products due to lack of confidence. If your prices are too low, they will undermine the unique value of your business. It can take you many years to recover from undervaluing your goods or services. Overvaluing your products or services, on the other hand, can cause you to run out of business for lack of customers. You can avoid this by exploring the market thoroughly to identify the most appropriate price points for your goods or services.

6. Expanding too soon

Seeking to expand your business without all the things you need could lead to negative repercussions. Business research and experience have shown that before expanding a startup, it should have key resources like secured supply lines, key staff or management, cash, access to credit and access to equity. Do not underestimate the power of organic growth. This kind of growth may be slow at the start, but it achieves a stable positive outcome.

7. Failing to seek advice

A majority of startup founders fail because they do not get advice from the right people. It is vital to get advice from people who are knowledgeable about business transactions such as financial planners, strategy experts, accountants, and lawyers. Having a mentor is essential. By reaching out to the right people, your business can grow.

8. Failing to deal with people well

As a startup founder, you will succeed better if you have a likable personality. If people do not like you or what you do, they will be reluctant to do business with you. It is critical for every business owner to have people management skills. You need to have excellent customer service skills and deal with your employees well since they are your biggest asset. Your employees are there to grow your startup. Therefore, treat them well by paying their remunerations at the right time and relating to them professionally.

9. Failing to speak with customers

Many startup founders make the mistake of not speaking with their clients. It is critical to call your customers and listen to their suggestions and feedback. Apart from getting new customers and guiding them through your platform, contact your old customers a few times a year. Turn your first and former customers into ambassadors of your brand and provide them with special offers because they believed in your product or service first. These customers are also more likely to provide your business with the best referrals.

10. Choosing the wrong partners

Having partners is vital to your startup journey. Choosing the wrong partners can have an adverse effect on your startup. For instance, if a cofounder is not as motivated as you are, then misunderstandings may occur when things get tough. Therefore, choose partners wisely for they may be with you for life.

11. Failing to have the right balance

As a startup founder, you will find that you are expected to be involved in your business every day and night without a break. You may not be able to go on holiday for the first couple of years. However, you still need to have a good routine between your private and work life. Otherwise, your health and family will be affected. Many startup founders experience physical fatigue and nervous breakdowns due to overwork. By having balance in your life, you can also focus more on every activity you start.

Conclusion

Startup founders make many mistakes that end up ruining their businesses. Founders also often learn how to run their businesses successfully the hard way. Knowing the common founders’ mistakes and avoiding them will go a long way in eliminating stress, exhaustion and financial difficulties among other problems as you run your business.

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Learn How to Run an Effective Meeting

 Who likes to go to meetings? Most people do not like to go to meetings because most meetings are not effective or effective and feel like a waste of time. Despite this fact, most companies and organizations have meetings and meetings must be held. They need to be effective meetings.

Some basic rules can help ensure that your meetings are effective and produce results.

Goals

First, define the goals and objectives of the meetings. Everyone needs a clear understanding of what you want to achieve as a result of this meeting. Meetings can have a wide range of purposes and objectives. You may wish to connect information to the team. You may try to improve teamwork by engaging your managers in developing your organization’s goals and strategies.

Who will attend meeting?

Once you know the purpose of your meeting, you need to decide who will attend these meetings. There is nothing worse than hanging out with a meeting you have nothing to learn or nothing to add.

Structure and location

It is also important to identify the appropriate structure and location for these meetings. About the structure, you must always have a facilitator for the meeting to keep everyone on track. It is good to let other managers take turns as facilitators once they see how you want the meeting to take place. As far as the site goes, if there are a lot of distractions on the site, it may be best to stop these off-site meetings.

One of the most important rules to be developed is the amount of time required for meetings. Some of this is trial and error as I used to facilitate meetings, but it is essential to stick to the time limits you set. Meetings must start on time and expire on time. I recommend that there be consequences for people who are late for you or the facilitator for the late meeting. Let the team decide what it should be. Some places charge $ 1 a minute and pay money to a bowl that can be used for lunch at the company or approved for a charity at the end of the year. The important thing is that everyone on the team knows that we will respect everybody’s time.

Agenda

Post It notes with pin and clip on business diary page

Make sure no meeting is started without distributing an agenda. The better the pre-notification, but even if it is one minute before the start of the meeting, make sure that the meeting does not start without an agenda. It is the responsibility of the facilitator to ensure that the Group adheres to the agenda and is not exceeded by items not included in the agenda.

What to do if these non-important items are important? You can create a position for non-agenda issues that can ensure that everyone will be processed at another time. Before the meeting ends, you can address parking problems. Determine who needs to participate in issues and when this meeting to work on issues should occur. Your meeting concludes by setting a time and venue for a follow-up meeting, if necessary, and agrees to distribute minutes of the meeting shortly after the meeting.

Tips For Running More Effective Meetings.

The perfect meeting manages the ideal plan. Today, with the increasing population and recent inventions, deviations have increased during serious meetings on their part. Have you been thinking about how to hold an effective meeting? Here are some tips on how to do this correctly:

Make your goal clear.

All meetings must have a specific and specific objective. Before sending this notice to your date, make sure you know what to do. Do you tell people about a change in strategy? Looking for input to solve an existing problem? Or are you aiming at reaching a specific decision for a particular issue at the end of the discussion?

Take note of the participants.

When you call a meeting, take the time to think about the people you want to be there. Most importantly, you should invite those who are affected or be concerned about the issue to be discussed. If you aim to solve a particular problem, invite those who think they can be a good source of input. Once you realize that you’ve put the wrong people to participate in a meeting, you’ll also realize how wasted your time was.

Follow your schedule.

Once you’ve set up an agenda, be sure to put everything you plan to deal with in a meeting, along with the time allotted for a particular topic. During the meeting, put this program in front of everyone so that others see it and guide it. This also helps keep people focused.

Do not take any hostages.

What often delays a meeting is a person who speaks more than a fair part. Once you see that someone is monopolizing a conversation, contact him and speak clearly about the need to get more input from other participants in the meeting. Be public about this topic.

Start as planned and finished as planned.

If you are responsible for holding regular meetings and maintaining the reputation of being a person who starts and ends on time, you will see how your colleagues will make every effort to attend and follow up on your meeting schedules. People will be so happy when you realize that their time is valuable.

Prohibition of technology.

People with a phone, tablet, or another device in the room will not be able to focus on the meeting. Instead, they’ll be tempted to do emails, browse the web, or play games.

Finally, follow up.

People come from the meeting with different interpretations of what happened. To minimize this, distribute a memo within 24 hours after the meeting to all attendees to summarize what was accomplished during the day. That way, everyone will be on the same page.

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How To Effectively Manage a Remote Team

With digital entrepreneurs being on the rise, the need for virtual teams has also risen. Therefore, having remote employees as well as getting them on board is part of digital entrepreneurship. While this is the preferred workplace for some employees, some managers might find it a little challenging when it comes to trust level and management. However, this is basically where the world is going, and managers need to embrace this. Therefore, as a digital manager, you might be wondering how you can ensure that your remote team is doing exactly what was assigned to them or how you can motivate the team, well, you do not have to worry anymore because this article has all the information you might need about that.

Organize your work

To boost any type of business, a manager must ensure that he or she has a proper structure. Managing many people from different parts of the world without the knowledge of what everyone is working on and in the same time you have a lot of projects in your hand can really turn the work into chaos. Therefore, it is important that a virtual manager must create procedures and also implement the project management systems. He or she must also set rules and give the rules to everyone in that team. He or she should also create a work plan of the main tasks that you expect the team to have achieved by the end of the week, by doing this; your remote team will be in a position to understand what you expect of them and hence work productively.

Organize regular face to face meetings

This is normally a major challenge when dealing with a remote team. This is because everyone is on a different time zone. However, you can do it; you should ensure that you engage them in a weekly virtual face to face meeting by using various communication channels. Then afterward, you can organize for a regular face to face real life meeting; it can be monthly or annually. This will enable your team to experience a special connection between them, and you will also be in a position to understand the kind of people that you are working with. With virtual face to face meetings, you and your team will be in a position to share any information related to your work and feedback. Failure to do this, your team might end up being disoriented; it can also lead to unnecessary delays and might also lead to miscommunication. It is therefore important that you engage your remote team in order for them to feel included in the most important aspects of the company.

Know what the team needs from you

Just like other teams, your remote team should also be given your support and help whenever necessary. This can be done by ensuring that you have regular meetings with them and encourage them to air their views and complains in that meeting so that you can listen to them and give them a hand if they might need any help. You can also create an internal blog for the staff members only which they can use to share any information. As a virtual manager, you should always check in on your team and see how the team is getting on, and if there is anything they need from you, you should be ready to help. It is also important that you encourage them to regularly share their achievement and issues with you, with this; you will be in a position to provide your team with everything they might need.

Use the time tracking tool

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This is an essential asset when it comes to keeping your employees on toes. It will help you in keeping your employees on track, reviewing the performance of your employees, setting your objectives clear as well as increasing the productivity of your team. You must first introduce the tracking tool technology to your team and also let them be aware of how they can use that technology to their advantage. You should be able to let them understand that this technology can be in a position to help them in managing their time. This will enable your team to be mindful about the time they spend on particular tasks assigned to them, hence, will also help in fighting distraction and improving concentration. As a manager, time tracking tool enables you to avoid over paying or underpaying someone. You will be in a position to pay someone according to his or her work time expense. With time tracking tool, every team member will feel like he or she is in charge of his time. In addition, they will be able to spot activities that are unproductive as well as the weak points in their performances and take action of correcting them.

Encourage transparency

You must be transparent with your employees for them to be transparent with you. This will make it easier for them to open up about any issue that they might have, they will also feel free to share their opinions and discuss projects and hence you and your employees will get to know each other more. You should be able to get them involved in all aspects of the company and let them know the visions and objectives of that company. You should then set your expectations clear and also tell them something that is off work about yourself and allow them to also talk about themselves.

It is challenging to manage a remote team, and this is because you will need to organize a process that is meaningful, monitor the activities of the team members, and also keep track of the work process which is not as easy as that of an office. However, if you follow the above simple ways, you will manage to do it. You will also be able to get yourself a group of loyal, productive and hardworking team members who will help you to reach your company’s vision.