Don’t become a statistic; 20 reasons why startups fail!
So you have a concept, a lot of passion and the drive to start up your own business. Your ideas are fresh and you’re just full of energy. You love your idea so much that you believe everyone else will as well. Excellent!
But what is it that makes or breaks an innovative new business?
The statistics on how many startups fail are outstanding. Neil Patel writes on Forbes that 9 out of 10 startups fail in their first year. That’s a whopping 90% of new businesses that do not succeed. So how do you avoid becoming a statistic?
Having a vision is not enough and passion only gets you so far. You believe in your dream enough to make it work, right? Putting in the hard yards early on is what will guarantee your success. Set up a plan and stick to it but also adapt to the changes in your industry. From day one you have to think big and act like you’re an established business with years of expertise.
A few questions you may want to ask yourself are:
- Who is your target demographic?
- Do you have a strong marketing plan in place?
- Are you competitively priced?
- Can you admit fault and rectify your mistakes?
- Have you completed the necessary research?
- Can you adapt and move with the times?
- Are you prepared for unforeseen roadblocks?
Richard Branson said and I quote “If you spot an opportunity and are really excited by it, throw yourself into it with everything you’ve got.”
The infographic below provides 20 common reasons why startups fail. If however you execute your plan meticulously, stay focused and avoid the fails, all that’s left is to succeed!
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