SURF 2021, the Extended Danang Start-up Exhibition, is currently taking place with much highly engaging content. This is a chance for start-ups to connect with investors, meet experts in order to accumulate start-up experiences, enhance skills so that you do not make these popular mistakes as follows:
1. Similar start-up ideas to former businesses
Start-up ideas can originate from everywhere, from personal issues to social ones. However, having a good idea that is not similar to former businesses can be a big challenge for start-ups. Since an idea is born to solve a problem in society, and in case it has been worked out by many individuals it becomes worthless.
Start-ups should build up a plan to evaluate ideas, research competitors and target customers to choose the right direction. Also, participating in a start-up exhibition like SURF 2021 is a good opportunity for start-ups to evaluate their ideas in today’s market.
2. Select the wrong time to launch the business
“Time makes a hero”, this conception is true even in the business field. There are specific characteristics of advantages or disadvantages in terms of both objective and subjective factors by each period of time. Selecting an appropriate time to launch the business will be also a decisive factor for the success of an innovative start-up.
That being launched too soon when the potential is not enough, the market is not crystal clear induces failure. Or being launched too late when the idea is outdated, the market’s needs are full and the will is not as strong as it used to be. Therefore, prepare for a specific plan from scratch to the time of launching the business and putting it into operation so as not to cause the “wrong time” incident as above.
3. Improper investment plan
A financial plan is the thing that any start-up must take care of. Financial funds and investment resources will be used to grow the number of people using the product/service or expand the operation scope.
If the company is on the rise yet you do not have enough financial resources, which leads to the fact that you will not be able to create enough products or have the budget for brand promotion, customers will not know your company. Or investing too much money without a plan and a goal can bring about a shortfall in the budget, or loss and bankruptcy if worse.
Immediately participating in the Danang Start-up Exhibition – SURF 2021, businesses will have the opportunity to gain start-up experiences in order to minimize these above mistakes through the process of connecting with investors, experts and potential customers.