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Written By: Jessica Woodruff
Take a look at the list below and see if any of these options resonant with your past failed business ventures;
Lack of capital
Probably the number one reason why companies go under is due to a lack of funds. There can be many reasons for this including expanding your company too soon, no business plan and heavy reliance on debt funding.
As we will mention in detail in, “Why You Should Be Crowd-Funding” the benefits of crowdfunding platforms are tremendous as not only do you accumulate capital without the pressure of having to deliver, you are also privy to a large crowd from which to bounce ideas off before you go into production.
No market need
If the market is simply not biting, there is little you can do except perhaps store the idea for another time or shelve it altogether.
Keep in mind, the market trend fluctuate as often as the weather, so if you truly believe in your idea, perhaps store it for a time “when the market is ready for it”. Try to find out why no one is biting by listing your product or service on a crowdfunding site. Many online users are usually only too happy to let you know why they do not like what you are offering.
Not the right team
In “The Things You Didn’t Know About Being An Entrepreneur“ we mentioned how most entrepreneurs starting out will think that they are their own boss and we discussed how this is not necessarily true. Your staff and the people who make your product or service ‘work’ are indeed the actual bosses of your corporation.
It is important to have a diversity of skill sets in your company from day one to ensure you are never left flat-footed.
If your business is failing, it be an internal issue you are unaware of so look inward to find the chink in the armour.
Outcompeted
Despite all best efforts to maintain a great work culture, cash flow and interest, you may find yourself outcompeted to another company selling the same product or service.
It is necessary to assess just how they are achieving this to further keep up in the playing field. While the wise old advice of, “focusing on your thing and how you plan to succeed” is good advice, it is not necessarily something you should take on exclusivity in business.
If you have no idea what is happening with other companies, you may believe that your ‘great idea’ is the only one of its kind which can severally detriment your drive to be the best.
Serial entrepreneur, venture capitalist and billionaire, Peter Thiel, suggests asking yourself if you are doing what no one else is doing. And if you are, how are you doing it differently to win the market?
Not all failed start-ups need to be a bad thing. The worst thing you can do is not learn from your mistakes as this is in the holy grail of entrepreneurship.
