Why your STARTUP will fail ?
An individual now a day is charged with dynamic ideas and equipped with latest gadgets to start materializing their idea. Majority of youngsters choose to opt this path without even realizing the gravity of difficulties a STARTUP can face. How many of individuals work for years before jumping into the RED SEA of entrepreneurship? A few!
It all starts with an intention of making ton of $$$ in a short span of time and making their product the next FACEBOOK. Unfortunately, the brutal world of entrepreneurship doesn’t work this way. If you are into an idea generation process with an intention to make a good amount of fortune, you are already killing your startup in the womb. It may never experience the light of success.
The launch of a dream MVP or a service is one of the greatest achievements an individual can experience in his/her life. The club of entrepreneurship embrace the product/service with open arms and an individual change his professional status on Facebook by CEO/PRESIDENT/FOUNDER at ABC Company.
The First Call
Getting a first response from a client to avail your service or getting a few thousands of downloads on your app doesn’t sky rocket your idea. I have seen a big number of startups getting into the trap of Higher the sales higher the growth. If you are closing sales on a crazy verge, you need to put a break on and need to enjoy the results of your efforts by maturing those sales instead of going mad after the numbers.
KYC (Know Your Customer) is the key to flourish the probability of a repeat business. Regrettably, freshly born businesses and entrepreneurs usually give a deaf ear to such suggestions due to the obsession of pseudo success they begin to see in the number of amount they crack as a sales deal. The mania of making money without knowing their customer is the core reason why majority of startups fails in their first year.
I have seen a big number of newbie entrepreneurs lacking in this particular area. PMF stands for Product Market Fit. Launching a product with 10001 features doesn’t ensures its market potential or success rate, rather it complicates the user.
Product Market Fit is a methodology that encourages the marketers, product architectures and or entrepreneurs to have a deep understanding about their product in accordance with the need of their niche/market. When you will build a product what your audience wants, this is when you will achieve product market fit! How one can achieve an absolute PMF?
“To be successful and grow your business and revenues, you must match the way you market your products with the way your prospects learn about and shop for your products.”
— Brian Halligan, Founder of Hubspot
The best way to save your startup from plunging into jeopardy is to launch MVP with less and understandable features instead of penetrating into market with a bang with a definite indication of an early exit from the market.
Keep on improving your product after getting genuine feedbacks from your users, this will help you in attaining the best Product Market Fit.
No Sir! You don’t need to participate in every domestic or international startup competition, if it’s for free and doesn’t involve travelling, accommodation and other miscellaneous expenses, you may take your startup there but if it’s an expensive call and you are planning to take those hardly earned bucks from your startup’s account just for the sake of getting temporarily fame and recognition, you are waving to the wrong opportunity then.
You are here to stay, not to earn fame in the first few months by spending from your own pocket. Get your homework done well, before calling a meeting at an expensive restaurant or a coffee bar. Prior to your meeting read the opportunity, if the person is going to be beneficial for you or it’s just a time share/PR meeting try to schedule the meeting at the workplace as it will cost you less and you can make a good PR over a cup of normal tea by your own self or janitor. Strong business relations are built on exciting and jaw dropping ideas not by spending cash in restaurant. Aforementioned are few of the usual expenses, I have witnessed among new entrepreneurs.
Take a step carefully, never be afraid to take calculated risks. The more you fall, the more you learn but only few are gifted with a nerve to sustain the spine breaking business downfall.