Sunday, 29 July 2018

Why do start-ups fail?

Business is mysterious. There are plethora of opportunities, hidden talents comes out and it becomes more and more interesting.


Today we'll be talking about the opportunities that most of the start-ups fail to figure out.

The fact is that, more than 66% of start-ups fail in the initial months. It is a great percentile. All of us will fall in this category, only if we don't know what to do in the beginning of the business. 

In the beginning of the business most of the people just launch it and wait for the customer to come and buy their products but the customer do not come like this. They need to understand the whole mystery behind the hidden opportunity.


Its worth investing your time in reading this post because I have a lot of information to protect your business from failing in the beginning.

So, lets get to work.

- Delay in launcing
  
   Most of the enterpreneurs are there in the beginning which are very smart, having brilliant ideas but one thing is mostly missed out by them and that is delay in launching the product. 

Having a great idea does not mean that it is only to be kept till you. You need to take this idea in front of the public. 

 Image result for product launch

Initially what happens is that, there is some feeling that is stopping you from launching the product and that feeling is of failure.

See, failure will definately come and this very thing "the failure" is purely unpredictable. So, why to wait? If success is by your side it will come to you when you launch the product.

While if failure is by your side, it will also come when you launch the product. These two only things are going to happen to your product. 

 As it is said that, "You will either step forward into growth or you will step back into safety."

 And now you decide that whether you want to be in your safety zone or you want to step forward.

But in different scenario, some enterpreneurs have the product ready to launch but still they wait. And, in this waiting duration they figure out one or the other thing that they don't find that it'll be liked by the customers.

How do you know that what customer will like it or not? Just go and launch the product at the right place to the right customers! Because if you'll be sitting with your product in front of you finding the things that are not good according to you, you'll never be able to launch the product. 

You'll get a lot of things that are not good and if you keep on changing those things you will end up with your product in your hand only.

Its good to find the ways to make your product better but that also in the specified time. At the time of launching don't delay, otherwise you'll seriously end up with the product in your hand.

- Specifications

  Here comes the big point. If you get this point, your sale, your profit and your revenue will be higher and higher.

What start-ups fail to understand is that, you don't need to mention the features of the product but the benefits that the customers will get from your product.

This is customer-oriented market and you need serve the benefits that the customer will get from your product but not the features that your product contains.

The tactic which you can follow is that, mold your features of the product to the benefits that the customer will get. 

For example: Our microwave uses less electricity. (Wrong)

By the end of the month, your elcetricity bill will not we swollened up because the microwave consumes electricity in an economic way. (Right)

You understand the difference?

  Don't tell the feature straight away but mold it in the sense to the benefit of the customer that he will be pleased to buy it seeing the benefits by his side.

Customer don't care what your product have. They care what benefit will they get. Will it save there time? Will it cost them less? This is how it works.

- Hesitation in collecting opinions

   We need to clarify this because most start-ups don't get the point to take the opinions from the public, they hesitate.

Collecting the opinions will let you know that what are the things missing in your product or what are the things liked by the customers in your product.

Customer will not be 100% correct. You need to have confidence in your product but if the same complaint is occuring again and again, you need to figure out the stuff.

 Image result for public opinion


Don't hesitate in taking the reviews because who knows someone tell's you a thing which you can change in your product to make it much better and save the cost.

Just be open to the public because with this your relationship with customer will also increase and they will also get the feeling of importance that you are giving to them.

- Sense of urgency

  You need to make the sense of urgency in the mind of customers. Tell the customer that the offer is available till specific date only. 

You'll get the discount only for three days. Take this thing into there mind because what will happen is that they'll be attracted towards the product. 

Because they want the product at the offers either it can be discount or anything like that. Stress this thing out. Make them curious about your product by texting them or by the way of advertisements.

So that, by the launch of the product they'll be ready to look at your product. Fill the bubbles in the air with the sense of urgency attracting the customers towards your product.

You need to keep the word of mouth here, that if you have said that offer will last for three days, then it should last till three days. Let them know that you mean what you say.

 - Huge loans

   Huge loans are taken in the beginning only which makes the start-ups difficult to repay at the end. Who said that you need to open the shop to sell your products?

 It can also be done by one website! Ask yourself that is there any easy way that I can perform this task? Whether I'll be able to do it alone or I need to hire some person? 

 Try each and every task yourself before hiring anyone because with it you'll get to know the effort required to perform the task and you can easily figure out the salary of the person (if required to hire) accordingly.

 Instead of raising the money, run your brains to find an easier way to do it. Will it not be okay if you start small? 

 Big companies always start small. Apple was also started in the garage. Start small, target big and achieve big, step by step.

 -Membership offers

 Its a great deal mostly applicable to any kind of business. Whenever the customer arrives to your site, before they leave, announce another offer that you need to decide in advance.
Image result for attending customers on the counter






Keep on giving offers like in the beginning you'll get benefit to purchase the product at lesser price. By telling them so, you'll keep the customer stay with you for longer duration and for longer period of time.

 Keep on making offers and make your customer happy so that they stay with you and bring more and more customers to your side.


These are the few things to be kept in mind for any kind of start-up. Also it will help the businesses which are well established to earn more profit.

 These little things when added make your customer more attached to your company and help to increase the revenue of your firm.

Hope you liked it!

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 If any query arises let me know in the comment box, I'll quickly reply to your concern.

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If I missed something please do let me know in the comment box.


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