Lessons from failing start ups
Starting a new business is exactly like starting a journey on a road which is full of difficulties and unexpected turns. Many starters fail, even in the start, because they do not sort out the odds against their success in the beginning, and this lack of strategic planning results in failure. Every starter must address few questions when he is beginning any new business like what factors could possibly be the cause of the failure in the future, and since different businesses involve different inputs and circumstances, therefore, each business has different influential factors either for success or failure.
You must be thinking that different businesses have different influential factors, then it follows that one business is fundamentally unique from all other business, and it isn’t helpful to learn from the failure of one business to get success in the other. You must keep in mind that there are few things that remain same for whatever business you may take. Here is a list of tips that will teach you some lessons about how to avoid startup failures
Make a Unique Product
Whatever product you offer to the customers, it should be unique because there are plenty of other related products available in the market, and if your product isn’t unique, you won’t be able to attract maximum customers. Making a unique product is really a difficult task because it demands innovation. In order to create a new product, you must have an idea about different product gaps in the society. Once you have decided on the product, hire the most professional and the most skilful employees to turn your dreams into reality.
Validate the Product
Once you have decided that you are going to make a particular product, validate the product by asking the opinion of the customers before making it on the large scale. The biggest mistake of most customers is that they forget to validate the product, and once the product comes into the market, they realise only then that there is no need for this product at all. All the hard work of the company was simply a waste, and the future of the company is settled there and then – failure.
The most important persons for any company that can validate the essence of the product are customers. If the customers are satisfied with the product, the company is on its way to success.
Finding the Right Investor and Partners
If you are starting a new business, you will certainly need some investors and partners. Finding the right investors and partners is like moving one step forward to success. You must look those investors who, apart from sharing the same business interests, share your philosophy, way of doing business and goals. If you have these things in common, you can build up a strong partnership.
Growth of the Company
The growth of any company is one of the important things that any business man needs to consider. “If you are unable to expand your company, and the percentage of growth is not rising from what it previously was, then there are chances that other companies will leave you far behind in the competition,” says John Miller, Senior Advisor at Coupon Goo.
Modesty and calmness are good in many real life situations, but when it comes to the matter of promoting your business, you will have to be extremely aggressive. You have two options: you can be very patient with your clients and keep on accepting no, and the second option is that you become aggressive and turn that yes into no, the decision is all up to you.
Making a Long-Term Plan
Long term plans are always better than those plans which only consider e immediate advantage forgetting how this immediate advantage can be proved fatal to the company in the later stages of its development.