Year in year out tons and lots of Start-ups and business emerge but according to statistics and data 9 out of 10 Start-ups and businesses “FAIL”. For founders and entrepreneurs who have failed before it’s actually great because you have learned ways on how to fail. It is wisdom to learn from your experience, however, we will not live long enough to make all the mistakes and learn from them in other to be successful. So it is greater wisdom to learn from other people experiences and mistakes.
Below are analytically proven ways that ensure that every startup and businesses fail.
1 Don’t solve or meet your customer’s pain or problems.
Too many founders think that their idea is so brilliant that their best course of action is to build the product, show it to the world, and wait for the money to roll in (that’s a Big mistake).
People don’t quickly patronize Start-up’s products or services except if it is solving a painful and major problem that is being ignored. Don’t start a company until you know their people willing to pay for the products or services.
2 Don’t get feedback from your customers on your products and services.
Plenty of Start-ups refuse to let anyone see their product until it is perfect, they are afraid someone else will steal their idea while others don’t call their clients to actually find out how the services they proffered fared, you are just shooting yourself in the leg.
If you are building a product come up with a prototype and use the feedback from your customers to build the main product here by building a product the people want.
If you are offering a service calling you customers increase your relationship with them and their views on your services would help you served them better. The best marketing strategy is satisfied customers.
3 Start your company because you want to hammer
If you starting your business or company because of the Paper (Money) it is the easiest way to fail and be frustrated. Your Passion for your Start-up is the bedrock of your stamina during trying times as an entrepreneur.
If don’t like cooking don’t open a restaurant simple.
4 Don’t learn or have the necessary skills and expertise
If you think the job of the entrepreneur is to think big thoughts and hire other people to do the actual work, think again. One big reason that startups fail is that the founders can’t-do the thing that it needs most to get off the ground.
My advice, information has been democratized over the Internet learn through Google, YouTube, and the rest. Learn the skills you need better still find a Co-founder that compliments and Is competent in your weakness, it even increases your chances of getting funds and investment.
5 Buy all you want
One of the major reason Start-ups fail is that they major on the minor and minor on the major when it comes to money. A lot of founders and entrepreneurs saw their Start-up go down the drain due to lack of planning and budgeting which emanated from poor financial education.
Here is the solution you can’t-do it all there is a need to outsource that aspect. When it comes to Start-up’s budgeting, Bookkeeping, Planning and Accounting Morgategroup and Accounting hub are Startups friendly Firms you could run to.
6 Employ and surround yourself with incompetent team
No matter how beautiful and great your concept, products, and services are if you don’t have the right minds around you and your vision it to fail. Why because you are a sum total of the five people you have around you.
7 Become a naive and incompetent leader
Like my mentor, Tony Elumelu will always say everything rises and fall on Leadership the company would grow on the level of the leader if the leader doesn’t grow the business doesn’t grow.
If you do this diligently it is guaranteed that your startups and business would certainly fail.