Every entrepreneur starts their business having world-changing ideas…
- An invention that has come out of your good imaginative thinking.
- An artful creation which can allow the customer to see the soul of the creator through his work
- A messaging platform that will bring people of the world closer to each other
- A pathbreaking technology that will spread like fire
- A product that will solve the real problem for real people
- A unique service that will deliver a meaningful and delightful customer experience
- A framework that will change things to become more accessible and seamless
- A global platform for sharing information and starting a community of common interests
And because of all the cheap, affordable and no-barrier to start; anyone can whip up a website, set up a business page on Facebook, change profile on LinkedIn and claim to be a business owner in few hours.
But, the fact of the matter is 9 out of 10 startups fails. Close to 100M startup starts every year, 80% of them won’t survive over 18 months. Less than 4% grow over $1M in revenue and survive for 10 years. Less than 1 in 1000 past over $50M in revenue.
CB Insights analyzed the posts written by startup founders on various blog sites to pinpoint the reasons they believe their company failed. They found that number-one reason for business failure is the lack of a market need for their product.
- No market need
- Ran out of cash
- Not the right team
- Get outcompeted
- Pricing/cost issues
- User un-friendly product
- Product without a business model
- Poor marketing
- Ignore customers
- Product mistimed
- Lose focus
- Disharmony among team/investors
- Pivot went bad
- Lack of passion
- Failed geographical expansion
- No financing/investor interest
- Legal challenges
- Didn’t use network
- Burn out
- Failure to pivot
Credit: CB Insights
So the question is how would you grow your business without drowning into the sea of failures…
- People like your product. Because if they like it, they will trust which will lead to buying.
- Once they buy, you will be able to build the relationship with your customer.
- You serve your value proposition so irresistibly in front of your customer that they understand what they are buying and they know it’s value.
- Your customer has confidence in your product and comfortable in trying out your product.
- The customer is convinced about the product fit of their need. They know that it is going to enhance their happiness and improve life.
Top of that the stiff competition is making it more difficult to survive and thrive in the open marketplace keeping you stuck doing business at shoestring margin, and burning the midnight oil to keep the business running.
Tired of this endless fight 90% of business owners are shutting down their door and enrolling their name in the list of 90% failed startup graveyard.
I am writing this guide pouring in my over 25 years of experience working for global corporations, running my own startup for last 8 years and mentoring/coaching over 15000 entrepreneurs across India.
My sole objective is to bring together the proven strategies, a new perspective, and field-tested tools so that, you can take advantage of these tools to launch, build and grow your business and live a healthy lifestyle.
I want you to take a leap forward to grow your business. Use this guide to crack the code on profitably managing your business like a pro.
And using this guide …
I want you to be aware of what’s coming in your business, what it may mean for you to capture the market opportunity, and where things could be headed for you to earn the income and lifestyle you dream for yourself and your family. I want you to be able to make an informed decision about the facets of your business so that you can reach new levels of success and profitability.
Look forward to getting the next article in this series aimed to channelize yourself to be fully committed to your dream, vision, mission, and purpose.