Startup is a completely new and unique idea that plays a role in social development as well as generates revenue. Basically startup works to eliminate social problems.
Example: Jamdani gown can be a startup idea. As an alternative to foreign gowns, the local Jamdani gown can share the market. Besides, it can earn foreign exchange by exporting (revenue generating).
Reasons why startup failed –
1. Product Acceptance:
Startups are not just about problem solving and revenue generation; That product means that its success will depend on how much the idea is accepted by the general public.
For example, Jamdani gown can be an alternative to foreign gown. But if it is not attractive to look at and ordinary people are not interested in buying and using it, then it will fail.
2. Specific goals with a product or idea:
What is a startup idea and how it will work, even if you have a specific goal of how far the startup company dreams with this idea. Otherwise, the idea will not be fulfilled. Then it will fail.
For example, I made a jamdani gown, it took the place of a foreign gown, but I have to decide what my goal will be (what is the plan to occupy the foreign market / to make that gown successful in the foreign market). Otherwise, my idea ends there.
There should be a specific model of how the startup idea will generate revenue. This means that the revenue should be focused from the beginning.
For example, I spent a lot of money for the marketing of Jamdani gown, but later when the time came to capture the outside market, I could not invest. Then ultimately the project will be a loss.
4. Product Backup:
If a startup company’s idea product loses acceptance for any reason, it should have an alternative product that is low priced and creates customer demand. Otherwise, the whole idea may fail.
For example, if the gown fails for any reason (high price), then the alternative may be to design the floral of the jamdani cloth in a silk gown.
Lack of patience can ruin a startup idea. It takes a long time for an idea to succeed, you have to stay grounded with a goal to see the end without getting frustrated in bad times. If you can’t get it, the idea is most likely to fail. Because shortcuts don’t do anything. Read Also : Startup Business Guidline
For example, the gown failed in the domestic market, so I gave up in despair. Not that it will not be accepted in the Middle East or the European market. So I have to try patiently, to see what happens in the end. Otherwise I fail.
Read Also : Selling Website Business
After all, there is a sad story behind all happy endings, so you have to work hard to get through the ups and downs and move towards success, only then you will not be able to reach any task.