Connect with us
NOT IN USE

People & Lifestyle

7 Proven Reasons Why Startups Fail and How Entrepreneurs Can Avoid Them

Published

on

startupLaunching a startup it one of the simplest ways to kick off your own business. However, the fact that it’s simple doesn’t mean that it’s easy. Most entrepreneurs don’t realize this simple truth, which is why 90% of all startups fail eventually. If you are thinking about establishing your own company, you better prepare for it thoroughly. Startups can crash for a wide variety of reasons, so you need to understand how the process works and avoid common misconceptions.  In this post, we will present you seven proven reasons why startups fail and how entrepreneurs can avoid them. 

  1. Tough Market Conditions
A vast majority of startups fail because they don’t analyze the current market conditions well enough. First of all, you could be facing well-known competitors with loyal customers who don’t want to change the supplier. Secondly, your target audience might be too small to generate a substantial profit. Another reason to shut down the project could be product irrelevance – the idea might seem interesting at first, but it doesn’t inspire users to engage and buy your product. Each of these issues is a genuine startup killer, so you must think about the market conditions before taking any action.
  1. Funding Issues
A report shows that over 80% of startup funds come from the entrepreneur himself or herself, or family and friends. But if you accumulate the minimum amount required to kickstart the project, think about the scaling issue. Will you be able to scale the business even if turns out to be successful in the beginning? Most entrepreneurs can’t afford extra investments so soon, so they have to abandon a promising project.
  1. Low-Quality Project Description
It takes a great project description to avoid funding issues and attract those much-needed investors, but it’s not that easy to write a convincing startup presentation. Can you explain your ideas clearly and briefly? Will potential investors be able to understand the outline at a glance? If you can’t be sure about the project description quality, you better hire assignment writers  to help you out. They have years of experience writing project descriptions, so you can count on a flawless startup presentation.
  1. Poor Marketing Strategy
Contemporary marketing has a two-fold nature because it’s affordable to anyone but also highly complex. With so many communication channels and marketing tools, most business people don’t really know which way to go. Sometimes they can’t even find and approach the target audience or they begin promo campaigns too late. Startup owners often don’t know how to prepare a marketing plan, so they end up sending vague messages through irrelevant platforms. You should be smarter than that and locate your audience accurately. For instance, B2B startups can probably find prospects on LinkedIn rather than Facebook or Instagram. In case you can detect the target audience, you won’t have to spend too much money promoting your products or services. Therefore, you must plan ahead and think twice before making any moves.
  1. Money Is the Only Motive
Everybody wants to earn enough money to make a decent living. However, a big portion of entrepreneurs launch startups only because they dream of making a fortune. What they don’t understand is the fact that startups require weeks or even months of dedication and hard work, so they lose patience in the meantime.  If you are not passionate about this project, we strongly suggest you find another idea that really keeps you focused and motivated. That’s the only way to pass the initial period successfully and set the foundation for the profitable business.
  1. Interpersonal Issues
As soon as the first problems occur, new teams begin experiencing interpersonal issues. Startups are often small groups or partnerships where it’s hard to define the true leader, so it’s not unusual to see colleagues arguing over all sorts of issues, however big or small. Of course, disharmony creates additional problems and partners quickly separate. Here’s our advice: don’t start the business with people you don’t know well. Keep in mind that you will have to share everything with your colleagues – money included – and it will be difficult to stay on the same wavelength for a long time.
  1. Amateur Management
We will conclude by stating that amateur management is the sum of all startup failure reasons we mentioned above. People who are not well-organized and don’t think strategically can’t expect to run a successful company. Poor management eventually leads to all other problems, from funding to interpersonal disputes, so try to do your best management-wise to avoid jeopardizing a promising startup idea.
    • Conclusion
Running a startup is the simplest way to launch a private business, but it doesn’t make the process easy or effortless. On the contrary, it takes a lot of knowledge and hard work to craft a product that really has the potential to generate profit. In this article, we explained to you seven proven reasons why startups fail and how to avoid them. Keep our suggestions in mind and don’t repeat those mistakes – it will make your business safer and more fruitful in the long run. Good luck! Scott Mathews
Scott Mathews is a professional content writer in such topics as business relationship, work productivity and  entrepreneurship . Scott`s the biggest passion is blogging and travelling. He regularly takes part in different career growth conferences and contributes his posts to different  websites. Contact him on Facebook and Twitter.
]]>

Advertisement

People & Lifestyle

How to bet on ATP tennis: Top tips to win

Published

on

How to bet on ATP tennis: Top tips to win

The Association of Tennis Professionals, popularly known as ATP is a professional tennis tournament. The ATP world tour is a worldwide event for men. There are only four major Grand Slams: the Australian Open, Roland Garros, Wimbledon, and US Open. ATP happens to fall in the minor category with Monte Carlo, ITF and Davis Cup. (more…)

Continue Reading

People & Lifestyle

1xBet Promo Code & Free Bonus Codes

Published

on

online betting

1xBet promo code for new customers: 1xVip200. 1xBet Official Website gives you a 200% sign-up bonus on your first deposit. All you need to do is specify the promo code during registration, which will activate all the bonus offers at 1xBet. (more…)

Continue Reading

People & Lifestyle

Call for entries: Lifebuoy Opens Applications for handwashing ‘Chief Education Officers’

Published

on

Lifebuoy GHD CEO Globle KV002

Unilever’s Lifebuoy, the world’s number one hygiene soap brand, has launched a creative competition that will see two (2) Chief Education Officers aged between 6-12years appointed to raise awareness on the importance of handwashing among school children.

Leveraging the power of peer-to-peer learning, the ‘CEOs’ will be selected from public and private schools in Ghana to help create impact by teaching other children about handwashing and personal hygiene in a series of fun and exciting activities.

The campaign dubbed ‘Lifebuoy H for handwashing CEOs’ is part of Lifebuoy’s activities to mark Global Handwashing Day which occurs every year on the 15th of October.

 Global handwashing day is an international handwashing campaign dedicated to motivating and mobilizing people worldwide to improve their handwashing habits as a strategy for disease prevention.

In 2020, Lifebuoy launched the H for Handwashing campaign to transform the letter H into a symbol for handwashing and to integrate hygiene awareness into the school curriculum. In 2021, Lifebuoy launched its first ever children’s book- an “H for Handwashing” alphabet book – in which children can explore the Alphabet with Azzy the horse. The book is intended to support school curricula all over the world, whenever and wherever children are taught the ABCs.

This year, Lifebuoy is going a step further by passing on the baton to the next generation who will teach their peers about handwashing, as studies have shown that children are more likely to change their behaviour when influenced by their peers.

Lifebuoy is encouraging Children from public and private schools in Ghana between the ages of 6-12years to take up this unique and exciting challenge.

Parents, Guardians and Teachers are also urged to encourage their children and pupils to participate in the competition by following these guidelines:

  • Share a 30- 45 seconds video of your child reciting their campaign manifesto by explaining what hygiene means to them and how they will promote better hygiene in their schools.
  • All entries must include the #GHD2022 #LifebuoyCEOgh #LifebuoyGHD22 #HforHandwashing hashtag and be submitted on Facebook and Instagram only via the brand’s pages @LifebuoyGhana.
  • Entries are open until the 10th of October, 2022.

The two selected CEOs will get the chance to become part of Lifebuoy’s award-winning ‘H for Handwashing’ movement and receive a certificate from the Unilever Ghana Leadership Team for their participation and commitment to the cause.  As part of celebrations to mark Global Handwashing Day, they will also visit the Unilever headquarters and factories to teach employees the importance of handwashing

The ‘CEOs’ will commit a minimum of ten hours a year to help spread the message of handwashing with soap to other children, at home and in schools. To enable them perform their roles, they will be trained in the use of Lifebuoy’s decade-old and well-proven  behaviour change material which will equip them to take the message forward.

For more information, follow Lifebuoy on Facebook, Instagram and Twitter @LifebuoyGhana

Continue Reading

People & Lifestyle

Have You Heard About BitiCodes IO?

Published

on

Binance image two hands exchanging crypto coin

Do you like cryptocurrencies? If you do, don’t forget to take a look at BitiCodes IO. (more…)

Continue Reading

People & Lifestyle

MTN Urges Customers To Register Their Sim Cards Before The September 30 SIMRegistration Deadline

Published

on

Customers registering their SIM cards at Temporary Registration point at Goaso in Ahafo Region

With only three days to the  September 30, 2022 deadline for SIM registration, MTN is urging its customers to have their SIM cards fully registered to avoid being disconnected.

All customers with voice and data SIM in phones and devices are mandated to register with the Ghana card before the deadline. All SIM cards that are not fully registered at the end of 30th September 2022 will be disconnected from using all services on the network.

Customers who are yet to register should start the process by dialing *404# or use the registration web portal https://simregistrationportal.mtn.com.gh to link their SIM to the Ghana card. Customers who have linked their SIM cards to the Ghana card can complete their registration by either visiting the nearest service centre/agent for the biometric capture or download the SIM Registration Self Service app on google play to complete the registration.

Read Also: MTN delegation meets Nana Addo

Commenting on the SIM registration deadline, the General Manager Regional Sales and Distribution, South, MTN Ghana,Abubakar Mohammed said, “we are encouraging our customers to register immediately to avoid long queues at registration centers and subsequent blocking of SIM cards after the deadline.”

“Customers who are not sure of their status can check their registration status by dialing *400#. “B-Cap Yes” means a customer is fully registered”.

To ensure all customers are fully registered before the 30th of September 2022 deadline, all MTN field staff have been deployed to different locations to check registration status and register customers who have not yet registered their SIM cards.

The Ministry of Communications and Digitalization announced the mandatory re-registration of all SIM cards in Ghana last year. The registration exercise which started in October 2021 is scheduled to end on September 30, 2022.

Continue Reading

People & Lifestyle

Ghana ranks 88th in the world by Digital Quality of Life …Ghana has the slowest mobile internet in Africa ?

Published

on

Ameyaw Debrah phone

Global digital wellbeing study finds that Ghana has the slowest mobile internet in Africa. (more…)

Continue Reading

Trending