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The ugly truth is that three out of four startups fail. Try being the one that doesn鈥檛!
鈥淏ut that won鈥檛 be me!鈥?you鈥檙e saying to yourself. 鈥淢y idea is brilliant! Everyone wants my product!鈥?br > Unfortunately, it takes a lot more than a great idea to launch a startup and much more to make it a successful one. There are thousands of would-be entrepreneurs out there with brilliant ideas that simply didn鈥檛 take because of funding issues, a bad marketing strategy Cheap Latrell Sprewell Jersey , or any number of other reasons.
Here are seven likely reasons your big idea is currently on a fast track to the startup graveyard .
o My Business Model is borderline pathetic
A great product idea does not make a business model! If you can鈥檛 monetize your product while acquiring customers at a reasonable rate, you have no hope of scaling your product or establishing a revenue stream. Unless you are planning to run a charity organization, you鈥檙e not going to make it very far.
I get it, business models are boring. It鈥檚 a lot more fun to hit the ground running and turn your idea into a reality. But that doesn鈥檛 mean you can skip the important steps of market research, competitive analysis Cheap Wilt Chamberlain Jersey , and developing a monetization strategy. If you鈥檙e so negligent as to skip these important steps, you鈥檙e only leading yourself on a slow, painful journey toward startup death.
o I am a Know it All鈥?Hmmm鈥?
A mentor? Business advice? Who needs that! With all your brilliant ideas, you鈥檝e got this covered. Instead of humbly seeking the wisdom of successful entrepreneurs who鈥檝e gone before you, you鈥檙e reinventing the wheel all on your own.
Forget venture capitalists who want to guide your startup to a successful launch. They can keep their money 鈥?you don鈥檛 want them meddling in your business! After all Cheap Tim Hardaway Jersey , as a first time entrepreneur, you know everything there is to know about successfully launching a scalable startup. Right?
o No one will fund ME!
Any entrepreneur anywhere will tell you, it really does take money to make money. If you can鈥檛 find access to funding, whether through family and friends, an angel investor Cheap Draymond Green Jersey , or a business loan, you鈥檙e going to have a tough time getting your product to market.
o Did I Even Think About a Marketing Plan?
You鈥檝e been so focused on developing your brilliant idea, you completely forgot to develop a go-to-market strategy. What will your sales process be? Who is your target market? How will you reach your customer with news about your product? Do you have any idea?
The old 鈥渋f you build it, they will come鈥?philosophy might work in baseball鈥揵ut unless you鈥檝e been hearing voices lately, you probably shouldn鈥檛 expect the same for your startup. No matter how great your idea may be Cheap Nick Young Jersey , no one can buy your product if they don鈥檛 know it exists. If you want any hope of saving your startup from certain doom, you need to devise and implement a solid marketing plan to spread your company鈥檚 message and increase demand for your product.
o Customers hate ME!
Well, no they don鈥檛. Not yet, at least. But that鈥檚 only because, as we just discussed Cheap Klay Thompson Jersey , you don鈥檛 have any customers. But if you did magically discover some first-time customers, they would quickly be bad-mouthing you all over town, because your customer experience is absolutely atrocious!
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