Why Some Startups Succeed and Why Most Fail: Thomas Salzano
- Lack Of Focus: New entrepreneurs should be passionate enough to start a business and run it successfully. At the initial stage of their business, the owners should be more focused and committed towards their work. Due to no or lack of focus, startups face failure. The price to emerge as a successful startup is hard work and dedication.
- No/Poor Business Model: To create a scalable business, the business model plays an important role. Most of the startups fail because of no or poor business model. Before starting a business, you must understand the market and create an effective business model to survive in the targeted market.
- Ignoring Your Competition: The common mistake that causes failure to many startups is ignoring their competition. So, always know who your key competitors are and what strategies they follow. Competitor analysis helps you to understand what your competitors are doing and learn from their mistakes. Also, it helps in gaining new marketing ideas and identify business opportunities.
- A Wrong Team: Every startup is supported by a versatile team of people. Therefore, choosing wrong employees and co-workers often lead to startup failure. Your business success directly depends upon the skills, conduct and individual efforts of the team. So, be very careful while selecting your team.
- No Finacial Backup: New entrepreneurs should never run out of money and time. To build a successful business, startups must have strong financial backup. Before stepping in the market, thoroughly research about the market conditions and search product-market fit. And then start your business with a zeal to conquer the market with strong financial backup.
- Ignoring Product & Service Quality: If you are compromising with the quality of your services and products, your new business is running towards its death point. In order to fight your competition and win customer trust, make sure you provide as best as possible quality products and services.
- Lacking Behind In Marketing: For startups, it is crucial to adopt technology for marketing purposes. Underestimating the power of modern marketing strategies lack you behind in the market. Therefore, drive your marketing strategies with social media and SEO-friendly techniques.
- Forgetting your Customers: In this customer-driven market, forgetting your customers will bring a downfall to your business. Customer-service play an important role in building trust in a startup. Try to convert your customers into your raving fans.