Not every startup gets recognition, some fail, some stand out from others. There’s a famous saying “losers make excuses, winners don’t”. They didn’t fear failures and not afraid to take risks to achieve what they dreamed. You can’t be a winner if you haven’t faced failure. When you fail it means you tried, Risk is inevitable but failure is. There are so many reasons why a business idea failed. Let us talk about some of them.
1. Confidence: It is a good thing in an entrepreneur, but overconfidence kills every plan. Build your confidence as every successful step you achieve in your business.
2. Marketing: It is the most important step to build your customer base. Many startups don’t give the same amount of importance to marketing as they give to other aspects of business. Marketing gives you the idea about how much fund you need to reach your targeted customers.
3. Place and Time: If you chose wrong place or wrong targeted audience then it will be disastrous for the business. A targeted research is must to know which is the right location and what is the right time to launch your product/ service.
4. Cash flow: A proper cash flow is required to run any business in the world. It may be well established or a start up. If you don’t have investors to invest money in your business, then you won’t survive long. It is necessary for a startup to maintain the budget and allocation of fund properly.
5. Team: Every business needs a team, that’s work toward the same goal. If there are any clashes of ideas among the team or partners than it is not good for the business.
6. Pricing: A over priced service or product is not meant to survive in todays highly competitive market.
These are a few points to focus on but there are many other points every startup needs to focus on.
I wrote this article with the help of ads2020.marketing.