Want to hear a cool fact: there are more startups than ever before emerging from the recesses of ambiguity. That’s got to be a good thing. That’s got to be credence to a good economy, to daring creatives and amazing ideas. And it is. But there is one problem: most startups are indistinguishable. They may operate in different sectors and sell a myriad of different services, but they all follow the same set of destructive trends.
To help you avoid the same massive mistakes, we’ve pulled together a list of dominant narratives that you need to know about, narratives that can harm your business, your employees and your future.
So, without further ado, let’s sidestep some potholes and carve out your own path to successville:
Forget About Venturing Out
When a venture capitalist walks through the door, they come armed with your wildest dreams, which is why so many small startups lap at the chance. However, more often than not, venture capitalists push what could have been successful small businesses to over-expand too fast and ultimately fail. Of course, they’re not all like this. But the way to tell if you’re chatting with a goodie is to make sure you’re still able to focus on your priorities, you have a solid monetized plan and there is no conflict between the incentives of both parties.
Hypergrowth Is Hard
The dream can be tripling in size within a year, but that’s only a dream for those who have no experience with the reality, which typically involves chaos, inefficiency and burnout. There are the odd success stories, but for each one there are tens and hundreds of startups that suffer from communication problems, redundant work destructive politics, quality suffering and that feeling of being in way too deep without a clue of which is up.
Solo Isn’t Always Successful
Yes, you’re right; we have the internet these days, and that means we have a source of free education, which translates to going it alone with your startup. It’s an attractive idea, not just because it will help you keep overheads down but because you’ll be much wiser for it. However, there are certain areas of business you need to call in the experts. Accountancy is a prime example simply because taxes and payroll and bonuses can all create a headache, as can the legal side of business, whether that mean hiring a personal injury law firm to protect your employees and yourself, or knowing the rules surrounding online marketing. Yes, going it alone can be the reason you succeed, but it can also be the main reason you might fail.
Families Don’t Always Work
One of the growing trends among startups is trying to create a family-culture among their staff, where employees don’t just work together but go out after work, have the same hobbies and share lives together. We’re not saying it doesn’t work, but it does severely limit your talent pool because a lot of people won’t be able to thrive in a culture like this, such as those with families or long commutes or health issues or other hobbies. So, before you try and follow this trend, think about the limitations first.