It is easy to blame others for our condition, our problems, and our state in life.
We are responsible
- For our thoughts and actions.
- For our hits and our misses.
- For our success and our mistakes.
So let us discuss the main reason why most of the Start-ups fail?
It is very important for all businesses to have a proper business plan on which they can move. Many businesses fail because there is a huge gap between their goal and strategy for their business. It must be feasible and based on current and accurate information so that you can make proper future projections for your business.
Startups needs diversity in their team with different job profiles in their office. Right team with variety of skill-sets are required to build a successful startup. It’s a very big challenge to find the right candidate with different skilled set. Right team not only support in achieving success but also support in managing adverse conditions as well.
Poor management counts as the one of the reason for failure. New business owners are not able to match the relevancy of their business with market need. They must also be guide others and always ready for taking risk with full confidence.
A good manager is also a good leader who creates a positive environment that encourages productivity. He or she has a quality to hire competent people, training them and make them excellent in their profiles. He or she is skilled at strategic thinking, able to take the right decision that explores the success possibility for the future.
Poor Marketing, No Website, Weak Network:
Your website is the first impression of your business and speaks a lot about your work and experience. Every business should have a clear and well-designed website that enables users to easily search for their business and help in to reach the desired things. Website is the identity of your business that helps in not only maintaining reputation in the market but helps in marketing as well.
Understanding the target audience, garbing their attention and transforming them into sales is vital for any business, but many startup are failed into this because of poor marketing and poor network.
Marketing plays a very important role in generating revenue. It makes aware to your customers about your product. The main aim of, marketing to know the right audience so well so that product itself fit it and sell itself. “Good marketing” works as the “magic for success” for many successful businesses.
Startups also need to maintain their network to increase the chance of getting more prospects, which are really easy with the help of Social Media Platform. Social Media platform, not only help in maintain network but also helps in maintaining positive reputation and lead generation as well.
Ignoring the Customers and Improper Customer Feedback:
It has always been difficult for startups to decide which customer is right for their business. But we should never ignore any of the customers because even an experienced person could not be 100% sure, that this is the right customer for their before converting it into sales. So we should equally focus on each of the customer on data sheet and should give equal preference to all.
The foundation of startup-success is based on the customer’s requirements if they are not being able to match the customer’s requirements with their product list, is surely going to fail. So we should always try to take the feedback from customers end and try to improve to minimize the customers complains. Many of the startups don’t focus on customer’s feedback so are unable to satisfy their customers. Talking to customers about ideas and improvements is always good for the business growth because it improves the quality and make customers loyal to your business.
Location plays an important role in the success of your business. A good business location may enable a struggling business to ultimately stay live and a bad location could destroy to even the best-managed business.
Important factors to be considered for choosing the business location…
- Numbers of customers, numbers of suppliers, numbers of competitors.
- Match between your business and the customer’s taste on that location.
- Price sensitivity, threat of substitute products.
- Traffic, accessibility, parking, lighting, Condition and safety of building.
- Government rules and regulation, Local incentive programs for business start-ups in that location.
- The history and receptiveness to a new business at a prospective site.
Take responsibility and say… If it is to be, ….it is up to me.
“Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failure also avoid success.”