5 REASONS WHY A STARTUP FAILS TO CREATE AN IMPACT
Startups are the end-result of someone’s dream, right? It was someone’s burning desire in many cases to start a business & run it with full vigor & dedication so that one can become a brand by bringing something unique to the market as well as to the society. But a lot of researches suggest that the majority of the startups bite the dust & either get bankrupted or just quit before it. Why? Why the dreams fall flat in reality? What goes wrong? Let’s find it out!
No feasibility study:
Before playing a game, it is mandatory to know about the rules of the game & the people to play with along with their strengths & weaknesses. A lot of dreamers get carried away with their dreams so much that they forget to go for a reality check of their dream project to be sure if there is sufficient demand to pull off a business with success.
Sometimes an early success helps take off a business. The new entrepreneur becomes so happy & complacent with this success that he or she forgets the fact that rivals won’t remain inactive! In the field of business success of one organization is the failure of another. So all the rivals will channelize their effort to win the market & beat the successful one.
“I know the best” attitude:
Sometimes a failure is inevitable when the new entrepreneur thinks that he or she knows it all! Whatever we will offer, public will buy for sure. This is a very dangerous belief because customers’ tastes & desires are subject to change & that too very fast & sometimes they show no signal! So this overconfidence brings havoc.
The series of tasks of an entrepreneur is huge & a well-equipped team is crucial to perform every activity with the utmost care. To be successful the entrepreneur has to lead the team to achieve goals to be successful & for that some targets & milestones are to be set. Sometimes there is a severe lacking in this side. Many entrepreneurs actually think that setting up a business is the end! But that is not! Setting up is a new beginning; the success depends on your ability to take it to next level.
Today the internet has changed our life totally. People spend hours online much more than offline. So creating an effective online presence is a must for the startups to sustain. Many entrepreneurs fail to realize this fact & embraces uncertainty. Today it is just not enough to have a website only. People jam more in social media now. So a poor marketing plan is a reason for failure.
So, tensed about it? Don’t be! We are here to take care of your dream venture. We would love to provide you the required support for your startup so that you do not have to worry about any of the facts presented here & you can enjoy your business like a boss!
We are just a click away!