Reasons for Startups Turning into Failure within 5 Years

reasons-for-startups-turning-into-failure

Life of an entrepreneur is neither lavish nor easy. As a matter of fact, they have to face rampart in the initial stage itself. We cannot ignore that success is seen struggling through rough years.

But it is not necessary that success is a sure short game after rough years. There can still be the crisis that you are on pins and needles but your startup falls on the rocks.

Let us flip through some reason for a startup’s failure:

  1. Conveying Wrong Product:

It is considered to be a cardinal logic for most of the startups that fails. Reason being client is not provided with product as per their needs.

It is one of the main roots for almost all startups and even businesses that they must take care of the customer’s satisfaction and their needs.

  1. Skilled Staffing:

Generally, due to shortage of funds startups staffing is distort.

If you have set up a business it is essential to have skilled staffing that can generate revenue for nascent stage.

  1. Absence of USP:

When you are introducing your product to the market it is crucial to know that your product will have strong competitors. Hence, undoubtedly if you want your startup to stand out, you need to provide Unique Selling Point (USP) to your product.

Make sure that USP should not be less than 4 which will provide an edge over benefit to your product in the market.

  1. Uncommonness of Zeal:

When you opt for lavish life of an entrepreneur uphill battle comes along with it. It is axiom that one should keep confidence steady irrespective of the prevailing condition. The zeal of competing should never be down. The day you lost your will to work things out is the day everything will come to an end.

  1. No Guidelines Lead to Errors:

It is fundamental that if you do not have any mentor to guide you through your startup, you may commit errors which in future may lead to its failure. It is therefore advisable to approach experienced coaches who can guide through the way.

  1. Delivery of the Product:

Since we are living in an era where time is everything, it is important that product is delivered with respect to the time. Even though you have a good product but you fail to deliver on time, customer’s satisfaction will be hampered. This may result in lagging behind as compare to your competitors.

We at Centrik, have been in the business advisory for over a decade servicing customer’s satisfaction. In case you need any further assistance or have any query, you can write directly to us at support@centrik.in

 

Note – Please note that the above article is for education purpose only. This is based on our interpretation of laws which may differ person to person. Readers are expected to verify the facts and laws.

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