Vivek Yadav Pune Explains Why Most Startups Fail?
India is considered the 3rd largest country best for startups. Even after this, around 85-90% startups of India fail within 5 years of the inception only. Do you also wondering the reasons why these startups fail? When you ask the same question to some of the most successful entrepreneurs like Vivek Yadav from Pune, they will also tell you the reasons that we have listed below along with some necessary steps to prevent the same. Take a look:
0 1
Lack of Novelty
In many surveys and studies, around 77% well-establish and successful capitalists believe that Indian startups lack unique business models and innovation. According to the study of IBM Institute for Business Value, nearly 91% of startups of India fail within the first 5 years only and not having unique business model is one of the most common reasons. But as a budding entrepreneur, you can learn from other’s mistake by considering a few important points. Firstly, you should start thinking about the long-term sustenance. After this, find the right innovation and technical talents along with resources to keep your startup on the right track.
0 2 Lack of Finances
Many startups die because of the lack of funding. There are countless instances where the startup has the most innovative idea but the funding partners fail to support it. There are so many experts and prominent entrepreneurs such as Vivek Yadav from Pune Cantonment area who will provide you with the right guidance on this aspect. You must focus on the revenue models for your startup. And when you have adequate amount, you are advised to spend it judiciously. Keep in mind that countless ideas are floating in the market and they can only turn into reality when they have sufficient fund to support. So, when you have it plan well and spend smartly.
0 3 Lack of Focus
If you see the success stories of industry leaders like Warren Buffet and Bill Gates, they will only say that focus is the key to succeed. Many startups used to start with something and end up doing something else. This drags them towards the failure. Hence, it is important for all startups and entrepreneurs to look for the reviews/feedback, both good and bad. Additionally, you should focus on only one thing at a time. Most of the reputable entrepreneurs including Vivek Yadav from Pune suggest this to all budding capitalists.
0 4 Leadership Gaps
Most of the new ventures started by the vision and idea of its founders as well as core team members. But lack of strong leadership and proper vision can lead to failure. Some budding business owners may have strong leadership qualities but many people develop the same over time. However, some people do not pay attention to their skills. If you are also doing this, then your venture will fail. Good news is that you can actually deal with this issue. Just delegate the responsibility to those who possess better skills than you and have more experience. Besides, work on your leadership skills to become better with each passing day.
Final Thoughts
Additionally, lack of agility, lack of proper business model, lack of competency & talent, and ignoring the right customer base are some more reasons why most of the budding entrepreneurs fail. You can even connect with the best entrepreneur like Vivek Yadav from Pune Cantonment to seek the help for your startup and its challenges to succeed.
Source: https://www.klusster.com/portfolios/vivek-yadav-pune/contents/199600? code=a4492292-7fe1-4377-89f7-237d0a872e7c&share_content=true