Everyone want to become a successful entrepreneur and everyone want to succeed in his/her own startup company. But the reality is entirely different and as the past history shows only 10% of the the startup company is able to succeed and in 10% succeed startups 9% flops within 5 years. As data shows the success rate of startups is very less. Now you may think i demotivate you…But i say you i not demotivate you. I say you the result so that you learn from the mistakes of past failure startups and after learning from past you change yourself and succeed. I have find out the Top 10 reasons why mostly startup fails.
|Reason||How to Avoid ?|
|1. No Market for your Product||Before going to create new product do proper market research.|
|2. Lack of skills needed for the business||There should be proper skills in your own business.So firstly acquire skills or hire a skilled team then start.|
|3. Business Model Failure||You create a proper business model and also analyze your business model properly.|
|4. Running Out Of Cash||Keep proper estimate of your money in advance. And also more important prepare you plan according to available cash.|
|5. Poor Marketing||Marketing should start much early. So keep this things in mind that you not wait for product completion start marketing.|
|6. Not the Right Team||For specific type of product creation, the team should be specific with proper skill set.|
|7. Legal Challenges||Always do your work under law, not try to become advance or against the law.|
|8. Disharmony Among Team Members||Every team member should understand that they are part of something bigger and if they will work properly they get more benefits time to time.|
|9. Failure to Pivot||Always focus on customers problem.|
|10. Burnouts||You balance your body conditions and be under rules. And you always keep Improving.|
Now, You read these ten points.So i suggest you read again and find the place where you really need improvement and keep improving.