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Reading charts & books is all well & good, but sometimes you want to go rough & really practical into why some startups crashed & burned. Wouldn’t it be amazing if there were a technique or site sharing failure stories & tips of different startups, so you could learn from their mistakes & hopefully avoid them? Well, look no further. Visit OM Expert to get your daily dose of some kind of lessons.
So now let’s talk about some key main difficulties that all entrepreneurs & business owners face when starting a business are:
1. The Right Team
Today the main problem I’ve seen with startups is fighting to have a ‘right’ team that always supports & assist the entrepreneur. In a survey focused on startup difficulties & failures, 47% of initiators reported that finding a good team was their biggest challenge. Startups require diversity in their workplace & a team is about sharing strengths among each other & completing each other’s weaknesses.
2. Idea
An idea is the backbone behind startups & an all-embracing analysis of the market needs to be done before starting a business. Entrepreneurs need to understand that starting a company, marketing & spending a lot of resources or funds might not for all time work. Headfirst into business with no idea for product & target market will surely hit back & hurt. Your idea should be like that everyone says, What an Idea Sir ji, jokes apart, I just want to say that one needs to analyze & visualize the future when put into practice an idea for a startup.
3. Money
A number of startup founders & entrepreneurs openly name money as a main trouble. It is for all time hard to track investors & attract them to make investments. Most startups do not have the ideas in making the correct strategy or finding the pool of investors who might be willing cash their money on. I have already told about this in our previous blog.
4. Competition
Starting a startup is not just about focusing on one’s sole business. New business is just like a little kid in a very large, huge or bully-filled playground. Opposite companies that are already trading in related markets to yours & have the upper hand and advantage. They have been in service for a longer time, have gained more knowledge in working that kind of business, know the market better & can probably adapt to the market changes quickly. For that reason first analyze your respective market, your competitors & the businesses that are previously established in market will help to create different strategies to do things differently to win the market.
5. Poor Planning
Several businesses fall short in the first year due to poor planning & preparation before declaring themselves as OPEN FOR BUSINESS! It is the one more reason of failing startups because they fail to develop a product that meets the market need. The foundation of startup-success is based on validating the market & if you fail to come up with a good product & planning your startup will definitely going to fail. The best possible way to make sure everything works fine is by evaluating, validating, tracking & optimizing the data that you receive from your clients to plan better.
If you are a true industrialist or a startup, any of these problems will fright you, but they wouldn’t stop you. As I told you, almost every new startup experiences these problems. What splits the successful ones from the failures is how well they handle the problems, rather how many they avoid. Just take full responsibility of your company’s destiny & learn from the challenges & things that you should keep in your mind while starting a new business. This is a life & lessons for a better life.
Are you an entrepreneur? Was your enterprise a successful one or less so? Apart from, please share your experiences below!