In today's blog, I'm gonna tell you why most of the startups get failed after a few months of initialization. Here I'm gonna be sharing Top 5 reasons that why most of the startups get failed!
What is Startup?
Starting your own company from scratch.
5. They Don't Have Passion
Many of you will know that for doing anything, it should be a passion for that thing. Passion is a feeling of intense enjoyment, interest towards your work. And for business, you should have a passion for it, you should enjoy doing business, learning new things, learning from your experiences, meeting from new buyers, personality development, this can grow your startup to the next level. But many youngsters start their startup because their friends are doing it. You should not focus on what your friend is doing or your bestie! You should focus on your passion, your goals if you love this activity then it clear side you should start it. Many of youngsters don't have their passion towards their startup and after a time it gets closed. Now, Before starting your startup please read the next reason why most of the startup get failed.
4. They Don't Learn New Things
If you are doing any work or any other activity whether it is business you should have knowledge of that particular field before starting your career on that field. Means before starting your startup you should have a knowledge about how to run a startup? how to get started? how to increase your growth? how to increase your sales?
Now, let's say you are starting your startup of web designing, web development, SEO services. And you have hired employees for your startup, If you don't have a knowledge of web development that which programming languages are used for development and your employee says that sir for this project I will charge 1000$ even it can be done in more cheaper rate but if you don't have knowledge of your field you are going to give 1000$ to your employee but you know what this project is all about you can say hey this work can be done only in 600$, you just saved your money. Always Remember Before starting, you should have a prior knowledge of that thing.
3. They Focus More On Profit Not Solving Problems
In the 5th reason, we talked about passion, Passion is that thing for which you will do it without getting paid for it. It's true to run your startup on the next level you should focus on profit, but not only profit, you should also focus more on your productivity that how you gonna solve that problem in a different way and how you gonna deliver that product to your customer in a different way. If you want to take your business to the next level, then you have to focus more on your productivity rather than on your how much profit you have gained.
If you have the best product to your customer, then that customer becomes your regular customer and also he will refer your product, your services to his/her friends and that's the thing startup wants. Suppose, You did not give the best product to your customer and also you have charged a lot for more money for that product remember that customer will not come back again and also he will say to his friends that don't buy from him they charged more but poor service, poor quality product. You should ask yourself what you want from your business? More profit on poor quality or the good relationship with customer and profit from customer delivering best output to a customer.
Ask Yourself!
2. They Don't Invest
The term 'Invest' means the profit you have earned from your business investment in your own business to increase your 2x growth on your business. Now, many new entrepreneurs celebrate, organize the party when their business makes the first profit but business doesn't mean doing the party on your success. When your first profit comes from your business it means you should invest that profit into your business to expand your business and also to increase scalability, profit maximization. Always Remember Investing more in your business brings more Profit maximization, Scalability in your business. NOTE If Profit Maximization, Scalability is not in your business then be ready your startup is going to be closed very soon. Actually, Profit Maximization, Scalability is a vast topic but I'm going to try to explain in small steps in the next article. Be ready let's move on to the next reason.
1. They don't know their Audience
Remember If you don't know your family members then you are not the member of that family. Same in business if you don't know your audience, your customer then you are not doing business then you cannot be called as Entrepreneur. Always remember Amazon, Google, Facebook, Walmart they know their audience they clearly know what the audience wants from them like Walmart knows that the customer wants high-quality goods at a cheaper rate, Google knows their audience they know which type of advertisement is suitable for our audience, Amazon knows that which type of services they should provide to their customers, you should also know your audience what the audience wants from you and what you are going to give. If you don't know your audience to be ready your company will be closed very soon. You should identify, analyze, your audience and then create an algorithm for different audiences. Suppose you are starting a startup of web designing, web development you should know which is the best thing I can give it to my customer from my gallery which suits him a lot.
In the next article, We will be talking about What is scalability, Profit Maximization? Be ready!
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