Business failures are very normal. The external market behaves in its own in response to the marketing and selling efforts of new businesses.
But what sort of mistakes can be committed by startup founders?
An idea that was analyzed properly for technical, business and economic feasibility.
The founders have no marketing knowledge, skills and behaviour.
The founders have no cash flow management knowledge, skills and behaviour. Once they are out of money, they have to close the business,
The founder have no production knowledge, skills and behaviour. Marketing, Production and Sales complete the main cycle of business. Financing receivables and collecting receivable is an additional activity. So, if the founders have no production ability the venture is bound to fail.
The founders have to creative and resilient. Success won't come easily. The business venture is not going to be a linear journey. The product needs to be changed, production process needs to be changed marketing and selling activities need to be changed. Hence founders have to accept failed activities in various functions and redesign them using creativity to satisfy customers and other stakeholders.
Founders must have the business management related fundamental skills. - Technical to do things, Managerial to plan and execute, and behavioral to keep all people connected to the business happy.
https://www.linkedin.com/pulse/5-most-common-reasons-startups-fail-kevin-harrington
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