Mr. Harsh Goenka is the chairman of the Indian conglomerate RPG Groups. It is one of the country’s most successful conglomerates with a net worth of $ 3.8 billion USD. The group has 15 companies under their wing some of which are at the summit or fighting to be at the apex of their respective industry. Some of the RPG subsidiaries include CEAT Tyres, ZENSAR Technologies (a software company), KEC International Ltd (a construction engineering company), RPG Life Sciences (a pharmaceutical company), and so many more.
Recently, the chairman of the group, Mr. Harsh Goenka took to his Twitter account to share a graphic on the top 10 mistakes start-up companies make. A veteran in the entrepreneurial game giving advice is always going to be invaluable to anyone looking to start a business or is in their journey.
The number one mistake which took a big chunk out of the pie chart was building something nobody wants. It took up 36% of the chart and deservedly so. There is going to be no sales of a product or service if you can’t even identify a demand for it.
The second mistake which took 18% of the total pie chart was poor hiring. Poor hiring can plague a company especially in the early stages and people need to hire employees who share a similar vision to the company.
The third is a lack of focus which took up 13% of the vote. In a hyper competitive world, you need to constantly be on the grind or else you’d be left behind.
Taking up 12% of the graphic, at 4th place we have failure to execute sales and marketing. You need to put your company and products out to the people or else they wouldn’t even know you exist.
Not having the right co-founders took 5th place with 7.2%. The people at the top need to have a similar vision and work rate so that it can trickle down to the bottom.
Chasing investors instead of customers took 6th with 5.4%. losing too much equity too early and not onboarding enough consumers for returns can be detrimental for the growth of any company.
Not making sure you have enough money took 7th position with 3.3%. companies to be cash flow positive for their day-to-day operations.
Spending too much money was at 8th with 2.1%. companies need to be frugal and wise with the limited resources they have at the start of their business journey.
Failing to ask for help was at 9th with 1.4%. Ego can be a big issue and weather you’re an entrepreneur or not, don’t be afraid to ask for help.
Ignoring social media took 10th spot with 0.7% of the vote as social media can be a big tool. You can sell products, bring them to your website, and gain popularity all on social media.