10 Vital Reasons for the Failure of Online Business Startups

10 Vital Reasons for the Failure of Online Business Startups In the modern times of advanced technology, the rise of online business startups have been a recurrent phenomena. With the growing demand of everything being available at the tap of your finger, be it food, apparel or medicine, entrepreneurs worldwide are coming up with the most convenient solution- ‘online business venture’. But unfortunately, many fail to meet the prerequisites of starting an online business & are also unable to maintain post-startup requirements. In order to evaluate why most online business startups fail, let us briefly cast a look into some of the factors involved in it: Lack of Support: When you start up an online business venture, you are quite enthusiastic & overwhelmed about the idea of providing more than needed services, catering your customer’s needs, conducting prompt delivery, acquiring products & other such tasks, all by yourself! You often consider yourself to be a champion in multitasking & forget the reality. Online business ventures are domain that require strategic distribution of work through various people. For e.g. an e-commerce site will have a group of staff for acquiring & buying the product from the market, another group for listing it on the website, another group for delivery & so on. You can be the owner of the website but you cannot perform the related functions, simultaneously. Poor Planning/Strategy: you suddenly have an idea of starting an online business website but you are blind to the pros & cons of it. You lack the sufficient funds, associations & effective strategy to promote your ideas & also didn’t do enough research on it. In short, a decision taken in haste will adversely impact rather than benefit. Remember, slow & steady definitely wins the race! Underrated Promotion: as an entrepreneur, one may not attach immense importance to promotion. Ironically, promotion is first vital step towards establishing a new online business startup. Promotion does not necessarily mean a high-scale one but you can start out through a small base like from your circle of family & friends. You can take feedbacks from them, work on it, incorporate authentic reviews & gradually promote on digital platforms like Facebook, Instagram & others. It’s nice to start small & when situations look conducive, grab the opportunity. Inadequate funds: One of the main reasons for the failure of online business startups is lack of finance. Practically, an online business is the same as the business conducted in reality like in shops; the only difference is that we go to purchase products in the stores while for online shopping, we just tap the product on the screen & it comes to us. Apart from this, the

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