Most Start up entrepreneurs have the odds against them. With the fact that about 7 out of 10 new businesses fail and do not make it beyond their first year, it is not only intimidating and daunting, it is also discouraging to be battling it all on your own.
Sometimes you may feel that you just need a sign or a sense of guidance and that any bit of advice can help. Below are couple of ideas that can hopefully help give you the extra kick.
Is there a true market for your product or service?
One of the most common reasons behind why many companies fail is because there is little or no market established for their products to launch in. This can be as a result of a variety of different factors. Most of the time there just isnt the need for the product. Consumers dont find a big enough desire to commit to purchasing it. They might think it is appealing and a neat concept, but it stops there. Failing startups have difficulty bridging a neat idea into a sale.
As an entrepreneur, you have to be prepared to handle objections or faults that others pick up on. Although your company is like your baby, its important to be objective and listen to input from credible sources in order for your company to grow. In every facet of your business ask for feedback. Feedback may not necessarily be pleasing, and you dont have to agree, but allow yourself the grace of having options. Allow yourself to be open to the idea that there are people out there that know more than you and can help.
Know your why
This is a fascinating and transformational concept made by a known leadership and management consultant, he found out that many companies do their marketing with an “outside-in” approach. Companies come up with a product; they figure out how to do it, and then, they never truly put a purpose behind their business. He recommends reversing that marketing approach with an “inside-out” approach. Successful companies like Apple start with their ‘why’. They set a belief that explains why their business exists to begin with. They then find a solution on how to fulfill that belief. Lastly, they define what the company does to execute their core belief. When companies know their why, they know what they stand for. When what you believe in, becomes your set of values, making decisions will be clear-cut. This approach helps companies reach their full potential.
Cut the unnecessary Spend
Capital is usually a major burden for over 90% of startups; be it sourcing for initial start up capital or managing what is available. A major advice that can not be over emphasized is being smart about how your money is being spent. The keyword here is SMART. The need to maintain professionalism and staying within your budget should focus on ideas like identifying Virtual Office experts whose office and address you can use as a physical address. Some of them have some added services that you will find quite affordable and essential to your needs, like FBA Alliance.
It may seem tough to succeed as a startup, but these four tips can be beneficial to move into the bracket that succeeds.