Every new day, marks the inception of a new start-up. Being one’s own Boss is the trend that people of this age follow devotionally. There are many fields that one could start-up a business at. But most start-ups die out much earlier, before they become businesses and brands.
The following are the few points that might be factors to the failure of start-ups, known to many.
1. Saturated Markets
Every photographer out there would like to start his/her own photography studio, or a photography business. This, thus, is a saturated market and has tonnes and tonnes of competition and smartphones with cameras aced it.
2. Low Awareness
There are brilliant ideas all around, but we only get to know about them at summits, or entrepreneurship camps and such. This is because people don’t know about start-ups.
3. There aren’t proper teams that cog together
Some start-ups don’t have team members that are good enough with each other, while the others don’t team members that are enough. This is because the fresh ideas that power the business don’t have enough exposure and attract or retain team.
4. They’re projected at the wrong place, wrong time
Even if the start-up is known to a lot of people, being known to the wrong sorts of people, at the wrong place and the wrong time isn’t of any use for anyone. It is a lose-lose situation after-all.
5. No proper financial funds
The production and the setting up of the start-up can be financially demanding. Marketing and promotion of the start-up may take up some more money too. So achieving a breakeven without a proper plan about funding requirement and management would be ‘Mission Impossible’.
6. They’re not present online
Lack of presence on the internet poses as the biggest problem here, because, that’s where most of the people are. Digital Marketing, with the latest technology and tools, over the internet, is the biggest factor that most start-ups of today lack. “We live in an informed society. Most start-ups of today have embraced Digital marketing…”
But here’s the question.
“Are these the only reason?” and “What is unknown to them”
The experts at Bizchanakya, a business consulting agency in Chennai decided to look up this curious case of dying start-ups and list down a few points that might be factors to the failure of start-ups.
1. Business Ideas
Best business ideas are mostly evolved from careful observation of the practical needs and difficulties of common man, not from summits and camps.
2. Business Plan
The business plan is the blue print of a business settling goals and fixing the ways to achieve it anticipating the risks and constraints ahead. People spend time and money to have a unique plan for his home with a professional but not for business – A typical Indian mindset, end up with a start up in a saturated field, projected in a wrong place and time.
3. Digital Marketing Wand
It not only helps the start-ups track responses and filter out the ideal audience to target their marketing at, It also propagates the idea all over, bringing about high chances of like minded people to come together as a team – Best way of building a perfect team to sustain.
Last but not least the most important factor to consider- Partnering Skills
Corporate has the skills and resources to manage the business, but small business and start-ups can’t afford to have it initially – They need to partner with skills and knowledge pool like BizChanakya till they learn to manage the business and sustain. “Having a best business consultant or advisor aside is not an expense, it is the asset and who knows this win battles – The best example is Lord Krishna role as advisor to Pandavas in Mahabarath”
Think of partnering with skills and advisory to win the business battles
Think of BizChanakya