How Startups can avoid chances of failureManish Verma
The startups are the powerhouse of talents and passion of an aspiring, ambitious entrepreneur. It can be owned by solo- entrepreneurship or can be a joint venture by a group of like-minded people with the same mission- to grow the envisage idea it has the potential for.
However, not all ideas are good, and not all are bad. The good ones might appeal to the people and the bad ones actually might be a farce but may appear lucrative to the owner. The performance of the venture speaks of the potential and worth of the idea.
There are unfortunate instances where startups fail even with the right perspective and effort. There are plenty of examples where these startups failed miserably due to many other reasons. The most common reasons which are known by everyone are the incorrect planning, no future navigation, inappropriate flow of resources, and of course bad management.
There are qualified and expert services provided by the Startup consultants in India who know the common faults and issues which act as a roadblock to these budding ventures. However, the good news is that they know the solution as well. They appear to get paid for their services for guidance, but actually, they need o roll up their sleeves and get down to work to navigate the company and make it steer out of the issue.
It is from their analysis we have drawn the list of common issues which generally bug these ventures. The company can be anything, from manufacturers to sellers or they might be offering goods or services. But these companies can be plagued by these common issues.
1 - Their idea satiates their ambition but does not solve the current issue- the idea of a startup is the best when solves a burning issue. The app cabs, food delivery all are the ideas generated to solve the very strong concern. The demand or crisis solving idea sells the best rather than the ones which the owner finds great.
2 - Prototypes are a strict no-no- many entrepreneurs do not run a trial of the idea in fear of getting it copied or plagiarized. This reduces their chance of getting feedback and opinions on the venture. To make it possible, the direct help or service from the Startup consultants in India makes the work quite easy and simple. They generate a copy in the market, collect feedback and then dissolve it. Later they launch the original idea quickly and start rolling the business.
3 - The skill set is not up to the mark- they have hired the employees but either it needs additional staff or the existing ones are not qualified to do the job. The reshuffling is absolutely necessary and needs intelligent and useful hiring.
4 - The leadership qualities are missing- the leadership qualities mean the go-getter attitude and in spite of all the relevant talent, the company is missing the guidance of the strong leader.
5 - Fail to raise the capital- the capital invested has been exhausted and now there is an absolute need for injecting new financial aid. This is tricky as it generates a huge liability for the company in the future. but, the delay is damaging the company’s performance.