Avoiding the Mistakes that lead to a Startup Failure
It is not easy to make a successful startup because almost half of the founders do not do what is essential for this achievement—addressing a problem that is troubling the customers. If you have a business idea and you spend your time and money building a venture around it, you may or may not succeed because the question lies in the application of the idea. If it does nothing apart from selling goods, it is bound to fail.
So, what you need to do to make sure that you don’t fail:
Find out a problem that is still unsolved—try providing a solution to this problem. It could be a product or a service.
Try figuring out your customer-base—the more specific and focused you can be the better it would be. Starting from a small customer-base is not bad.
Talk to people—get feedback and suggestions from real life scenarios. Don’t simply depend on online surveys and simulations.
Talk to your customers—ask them what they want. Tweak your product or service based on the feedback. Don’t sell your product or service and ask the customers for its adoption.
The market is full of startups but a lot of them fail because there is no market demand for the products or services that they offer. It is like setting up a push-cart business of vegetables in a vegetable market—the probability of success is bleak. However, if you could sell these vegetables in housing communities, remote housing areas, you have every chance of succeeding.
You have to innovate on your idea if it revolves around a traditional business model. However, if you are bringing something very unique and previously unheard to the market, you need to make sure it addresses a problem and not simply a fancy way of doing things. The initial success (which you may have) will die down soon.