1. NO MARKET NEED
IDENTITY A MA R K E T NEED B E CAU S E
MARKET RESEARCH Follow the simple rule of Market Research: 1.Who your customers are? 2.What they want or need? 3.how much they will pay for it?
Without Customers, you have NO BUSINESS
2. RUN OUT OF CASH I have no
The most impor t ant word in the world of money is cash flow.
How to Maintain healthy CashFlow 1.Always have a financial Plan. 2. Keep a close tab on your expenses. 3.Always think twice before spending on your wants. Remember, wants can wait. Needs cannot. If you buy things you don't need, you will soon sell things you need. - Wa r r en B u f f e t t
3. NOT T H E RIGHT TEAM “If you think that through,”
Get the right team with the right skills. The right people are the most important asset of startups. Back the right team raise the bar. â&#x20AC;&#x153; Having
the right team determines the path and outcome of a new venture more than any decision in the lifecycle of acompany, â&#x20AC;?
4. Get Outcompeted
How to stay ahead of your competitors. 1.Know the competitors - Find your competitors and their offerings. 2.Know your customers. Find the demand of your customers - is it lower price, more flexible service, the latest products? Revise your sales and marketing strategy accordingly. 3. Look after your existing customers.
5. PRICING / COST S T R A T E G Y
We a r e competing in a very Price sensitive market, Price your product too high and you a r e in the p r o c e s s o f losing the bulk o f your customers. Under price, your pr oducts and you will be competing in a very low-end Market.
What is a " Bad Pricing Strategy"? 1.Poor Value Preposition 2.Setting too low prices to penetrate the market. 3.Setting high price, thereby risking affordability.
6. POOR PRODUCT Building the wrong product is expensive and disastrous for Startups
Tips for developing a Good Product 1.Build the right product before you think of building the product right. 2.Understand your product ' s value proposition from the outset 3.Ask the customer if he or she would use your product not just if he or she could use it.
7. Need/lack Business Model A business model describes how your company creates & delivers.
Tips to build a good Business Model
1.Confirm that your product or service solves the problem. 2.Talk to industry experts and investors. 3.Plan and execute a pilot or local rollout.
“FAILURES CONTRIBUTE MORE THAN SUCCESS TO YOUR LEARNING CURVE” Yo u c a n r e a d m o r e o n w h y s t a r t u p s f a i l ? at o u r B l o g
TO P 10 R E A S O N S W H Y MOST N E W BUSINESSES AND S TA R T U P S FAIL ?