7 common mistakes by Internet start-ups

7 common mistakes by Internet start-ups

7 common mistakes by Internet start-ups

Ambiguous value proposition

This is the most common mistake made by internet start-ups. They fail to determine aspecific value proposition which will glue customers to their product or service. A clearly differentiated value proposition is the key to success of any start-up.

"Our features are better than the competition"

Product features does make a difference to the customers but too much reliance on product features can be self killing. Many internet start-ups try to win the game on the strength of more product options or better features as compared to competitionthis hardly works.

Failing to adopt

Market dynamics change faster than one can think of. Nobody has control over who will come next to get a fair share of market. Some internet start-ups fail to recognize the changing market dynamics and even if they do, they are so much attached to their own idea that they hardly think of any change. And when they decide to change it's too late!

Waiting for the perfect product

I have heard this phrase quite a few times it is impossible to launch the product without X feature or Y feature'.These internet start-ups get too much attached toa perfect' version of the product they have in mind.They fail torealize that product is driven by customersand the sooner they start showing off their product to the customers, the better insight they will receive on shaping it as per their needs.

Don't know how to sell and to whom?

Some internet start-upsbuild a great product and know that there is amarket out there to sell it. But they fail to pin-pointthe exact customer who will buy their product/service and the reason they would buy it.

Lack of alignment

Recently, I learned from a product ownerthat they have a great product and an initial customer base whouse it; but they do not have the moneyto market the product further. Majority of their capital was drained in buildingthe product!This start-upfailed to align their product development investment with marketing investments; as result, when the time came to sell the product, they did not have the money to do it effectively.

Failing to plan

Quite a few times,I have observedinternet entrepreneurs thinking that beginning and operating an internet business ischeap and easy. As a result, they fail to do the due diligence required in areas of marketing, operations, customer service, revenue and expenditure. Most of them think that their product will make it on its own strength and they will figure out' everything once the product is successful. Whatthey fail to realize is that owning and operating a web business is as complex as any other business. Failing to plan is planning to fail in web business too!

Although, every business has different set of challenges and even the best fail, I hope above ideas will help you become better prepared when you start out to realize your own Internet dream!

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