Startup Failure? Let's Find Where Are You Going Off the Track
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Just focusing on weaknesses is never an appropriate approach, one needs to maintain a balance in anticipating and calculating all the strengths, weaknesses, the potential Opportunities
Today’s prevailing market scenario is witnessing so many startups each day because of the new market trend where customers get everything served and delivered to them online. Be it purchasing clothes, groceries or anything in the same sense, there are so many services to offer the online customer market.
Yet the fact that each day where one happens to see new startups online, at the same time many startups are shutting down as well because they fail to create their identity onto the flooded online market.
Studies show that many startups fail in the initial four to five years because of many factors that they are unlikely to meet. The founders are perhaps not patient and innovative enough to sustain in the prevailing scenario.
Yet there are many more reasons for the failure of many startups in India, some of which are being discussed here,
Without a good team, no matter how good your idea is, it can never be executed in the best way possible. Start-up is a complete business, which requires multiple hands to support. The team formation does not only mean choosing the people with the right skills but also with the right intent to grow the company. If the company grows, the team grows, if the team grows, the individual grows and vice versa.
SWOT Analysis, an Approach to Work Upon
It is very vital for the success of any business. Just focusing on weaknesses is never an appropriate approach. One needs to maintain a balance in anticipating and calculating all the strengths, weaknesses, the potential Opportunities and Threats that the startup can face. The right decisions should follow henceforth.
It is quite common for the first time startup founders that they pay more attention on their weaknesses rather than realizing the strengths and finding out the ways towards amplifying them.
Overruling Customers First Impression of Existing Players, a Tough Task!
A possible reason for the failure of many startups can be the inability to compete with the existing players. The famous saying that the first impression is the last impression is relevant even today. So comes the need of offering something to the customers which overpowers the question of ‘Why switch?’
So patience and simultaneously the tactics to attract people to something different from what others are offering is very vital to the success of any startup in order to get itself in the limelight thereby creating a place for itself in the prevailing market full of competitors each putting forth their best.
No Proper Visualization
Having a proper vision is a pre- requisite for any startup because it’s a great layout of what you actually want your business to be like. It is very crucial to make a set of short term goals to reach to your bigger goal and a vision that customers can look up to.
A very famous saying goes like, “Success is about dedication. You may not be where you want to be or do what you want to do when you're on the journey. But you've got to be willing to have vision and foresight that leads you to an incredible end.” This calls for having a clear vision and then working day in and out towards realizing it to reality.
Not up to date with Technology
Being aware of the existing usage of the technology and the marketing strategies that other players are using is a must.
Not adapting to and adopting the latest technology and using it appropriately can be a big setback to your startup and you will not be available to meet the emerging market needs. It will not be wrong to say that these tools and techniques are the key to boost up your business if used cleverly.
Not Having More Than One USP’s
Unique Selling Proposition is something which every business has. Now, this calls for more unique features or services that you have to offer your customers or potential customers so that you can create a thought in their minds for considering you as an option.
So one should have at least four to five extra offerings before fabricating your product in order to emerge as a potential startup.
Considering Sales Promotion Techniques and Integrated Marketing Communication Tricks and be of great help in attracting more customers because to have something extra to offer your customers other than the product and service. This serves as a tactical approach towards hitting your sales.
Not Treating your Online Business like a Real Business
Just because it is easy to get a website going and filling it with related ads and links, even startups are not considered or rather treated like a real business.
That’s a big illusion. Yes, undoubtedly it is quite an easy task as compared to going physically to your business locations. But honestly speaking it’s not.
One needs to pay even more attention on the online startup because you are competing in a market which has too many service providers which are at times cheaper and maybe even better than your offerings. So, dealing in such an environment and in the most apt fashion is quite a difficult challenge. Moreover, the fact that you are new as yours is a startup, comes with even more challenges and calls for even more determination, idealization and dedication to make your startup a success.