Sep 27, 2017 | Lessons At Startup |
WHY?? www.lessonsatstartup.com http://lessonsatstartup.com IDENTITY A MARK E T NEED B E CAU S E 1. NO MARKET NEED Follow the simple rule of Market Research: 1.Who your customers are? 2.What they want or need? 3.how much they will pay for it? Without Customers, you have NO BUSINESS MARKET RESEARCH 2. RUN OUT OF CASH I have no The most impor tant word in the world of money is cash flow. www.lessonsatstartup.com How to Maintain healthy CashFlow 1.Always have a financial Plan. 2. Keep a close tab on your expenses. 3.Always think twice before spending on your wants. Remember, wants can wait. Needs cannot. If you buy things you don't need, you will soon sell things you need. - Warren B u ff e t t 3. NOT THE RIGHT TEAM “If you think that through,” STARTUPS FAIL Get the right team with the right skil ls. The right people are the most important asset of startups. Back the right team raise the bar. “Having the right team determines the path and outcome of a new venture more than any decision in the lifecycle of acompany,” 4. Get Outcompeted www.lessonsatstartup.com How to stay ahead of your competitors. 1.Know the competitors - Find your competitors and their offerings. 2.Know your customers. Find the demand of your customers - is it lower price, more flexible service, the latest products? Revise your sales and marketing strategy accordingly. 3. Look after your existing customers. 5. PRICING / COST STRATEGY We a r e competing in a very Price sensitive market, Price your product too high and you a r e in the p r oce ss o f losing the bulk o f your customers. Under price, your products and you will be competing in a very low-end Market. What is a "Bad Pricing Strategy"? 1.Poor Value Preposition 2.Setting too low prices to penetrate the market. 3.Setting high price, thereby risking affordability. 6. POOR PRODUCT Building the wrong product is expensive and disastrous for Startups www.lessonsatstartup.com 1.Build the right product before you think of building the product right. 2.Understand your product 's value proposition from the outset 3.Ask the customer if he or she would use your product not just if he or she could use it. T ips for developinga Good Product 7. Need/lack Business Model A business model describes how your company creates & delivers. Tips to build a good Business Model 1.Confirm that your product or service solves the problem. 2.Talk to industry experts and investors. 3.Plan and execute a pilot or local rollout. “FAILURES CONTRIBUTE MORE THAN SUCCESS TO YOUR LEARNING CURVE” You can read more on why startups fa i l ? at our B log T O P 1 0 R E A S O N S W H Y M O S T N E W B U S I N E S S E S A N D S T A R T U P S F A I L ?
This is a hard and bleak truth that 9 out of 10 startups fail. but have you ever wondered why startup fails so easily. Here are 7 common reasons that shows why most startups fail and how entrepreneurs handle those failures.
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