Start-up Mistakes According to Harsh Goenka

The head of the Indian conglomerate RPG Groups is Mr. Harsh Goenka. It is one of the most prosperous conglomerates in the nation, with a net worth of $3.8 billion USD. The group is home to 15 businesses, some of which are competing for the top spot in their respective industries or are already there.

CEAT Tyres, ZENSAR Technologies (a software company), KEC International Ltd (a construction engineering company), RPG Life Sciences (a pharmaceutical company), and many more are just a few examples of RPG subsidiaries.

The group’s chairman, Mr. Harsh Goenka, recently shared a graphic on his Twitter account listing the top 10 errors that start-up businesses commonly make. Anyone intending to establish a business or in the process of doing so will find the advice of an experienced entrepreneur to be priceless.

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Building something no one wants was the biggest error, which significantly reduced the pie chart’s value. It appropriately occupied 36% of the list. If you can’t even find a need for a product or service, there won’t be any sales of it.

Poor hiring was the second error, accounting for 18% of the overall pie chart. People need to hire personnel that have the same goal for the firm because bad hiring can devastate a business, especially in the beginning.

A lack of focus received 13% of the vote as the third option. You must always be working hard to stay ahead in today’s intensely competitive world.

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In fourth place, inability to execute sales and marketing takes up 12% of the graphic. If you don’t advertise your business and items, people won’t even be aware that you exist.

With 7.2%, not having the correct co-founders came in fifth. For change to spread to the bottom, those at the top must have a similar vision and work ethic.

Chasing investors rather than clients placed sixth with 5.4%. Any company’s growth might be hampered by early equity losses and a lack of new customers to generate profits.

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With a 3.3% ranking, not making sure you have enough money came in seventh. firms should generate positive cash flow for daily operations. Spending excessively ranked eighth with 2.1%. With the few resources they have in the beginning of their business journey, organisations need to be thrifty and wise.

Refusing to ask for assistance ranked ninth with 1.4%. Whether you’re an entrepreneur or not, don’t be hesitant to ask for help. Ego may be a significant problem.

Ignoring social media, which can be a useful tool, came in at number ten with 0.7% of the vote. Through social media, you may market your business, sell products, and attract customers to your website.

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