A startup and an infant are somewhat similar. When you have children, you love them and try to teach them values hoping that they turn out to be as perfect as you had envisioned and not into some whacky serial killer. The same goes with startups. You start off hoping to turn your business into the best in the economy and work diligently towards it. While launching a startup means embarking on a long and exhausting journey, the odds of it being successful are something that an entrepreneur cannot foresee.
Studies show that about 90 percent of startups fail. While the overall economy has an important influence, there are many factors that come into play when it comes to running a successful business venture. Here are a few important takeaways from the failure of your startup that will help you chart out your path to success better:
Learn from your mistakes
Failure is a painful experience for any entrepreneur. But only they can pinpoint the real reasons for their failure. This experience is, perhaps, one of the most valuable takeaways you can bank on in an unsuccessful venture. As you already know what went wrong the first time, you are not likely to make the same mistakes again.
Have a flexible strategy
The second time around, you need to be ready to adapt to the changes that happen around you and be able to shed off policies or strategies that don’t seem to be working in your favour. Keep your eyes and mind open to the happenings around you to ensure that your company stays above the water during tough times.
Build only what you can sell
Never forget that you need real people to buy your product with real money, so building only what you can sell is really important. You probably started your venture because you were excited about a particular idea. But do not let your enthusiasm for the product blind you and get in the way of making it a useful one. Make compromises where necessary in order to turn your product into a functional one.
Consider your audience
Your audience is the driving force of your venture, and failing to identify this will prove to be fatal for you and your company. Get in touch with your target audience to know how they see your company and what their needs are. This will help you serve them better.
Conduct a pilot survey
You can avoid making the same mistakes from your first venture by simply conducting a pilot survey. After demarcating your target audience, ask them relevant questions regarding your product and/or business in general and devise your plans accordingly in order to avoid a shipwreck.
Boost your morale
Just because your startup failed, it does not mean that you are a failure. The expressions “fail fast” and “it’s good to fail” are true because it is only when you fail that you will learn. As the old adage goes, what does not kill you makes you stronger.
It is hard for us to accept failure and move on. Questions like “what went wrong?” or “why me?” will continue to haunt you even if you make an effort to forget your failure. While you cannot control the mechanism of the economy, you can surely make amends to your company, learn from your failure, put a smile on your face and move on.