Startup mistakes to avoid

Establishing your own startup is easier than ever before. It's the solution to all your financial problems. It's the one thing you can do to defy all social norms that dictate you to get a stable, boring job. But if it were really that easy, why do so many startups fail? What mistakes are they making, and what are successful startups doing right?

1. Prepare for major changes in your lifestyle

Stable jobs don't require you to completely change how you live your life, but startups do. You will have to build a business from the ground-up, and that requires extreme dedication and perseverance. So prepare to face the challenges, and make sure your friends and family understand the rigorous journey that you are about to embark on. It's important to have a support system in place.

2. Handle the finances of your business

Startups are almost always short on money. So make a tight budget and thoroughly follow it, there is no room for error. Make sure the person managing the finances is trustworthy and strict. Many startups burn out sooner than expected because of financial mismanagement.

3. Value your employees

One would think that there is very little room for employee engagement thanks to the high-effort, low-pay nature of startup jobs, but that is where you are wrong. Because salaries are so low, you have to make up for it by providing them with a fun environment to work in. This doesn't mean that you have to get expensive PS4s or pool tables, this just means that you have to value each individual working for you, and allow them to express themselves. Make them feel like they are actually making a difference.

Writer is the sub-editor of Next Step. Reach her at aanila.tarannum@gmail.com.