More and more people today are into startups rather than working in other people’s offices. They have their ideas which they want to convert into businesses.
But about 90% of startups fail. Why does this happen? Read on if you have a start up of your own and are wondering where it is heading.
1. Wrong timing
You could be launching your startup at the wrong time. You may have thought of things much ahead, but not yet known to the people themselves if they want it. Research first, and then start up.
2. Need Vs Wants
You may not offer a very compelling reason for people to accept you. You may have not marketed it well for everyone to realize that they actually need you, and not just want you. Give a solution to help.
3. Not looking into the future
It is easy to set up a website and online market. But it is very difficult to maintain the inflow of customers year after year. Look ahead and plan well to sustain. Know customer needs.
4. Run out of funds
You may run out of initial funds from savings to start your own work as there is nothing substantial coming in regularly. You may also not meet the needed milestones and targets as planned and you don’t have much fund with you to keep going. Spend prudently.
5. Poor management of the business
Weak strategies and even weaker systems aren’t good to run the business. Rethink and reframe strategies. It is important to regulate the processes and monitor work closely. Hire good people.
Ty these out. Help your start up go a long way.Read more..