We can find in 3 years that any business or startup can grow or shut down. When startup come to death-valley ( J curve) then it can survive. For business the most important is to be in market without shutting down and being profitable
What is death valley?
When founder (and team) launch their startup officially, they have to burn money specially to acquire new customers and do marketing so, at the starting funds are sufficient but after some time funds are not enough and startup is slowly going to the most difficult part of startup death valley. If you survived your growth is fix !
How To come out of death valley?
Raise Funding (Find Investors)
PIVOT (This can be very tough decision for your company, you have to literally change everything)
Now, Why startups fails? What are the reasons?
No market need
Ran out of funds
Not right or proper team
Get outcompeted
Wrong Pricing
Not doing proper market study
Poor marketing
Bad customer service
Bad product quality
Product mis-timed (wrong time to launch, e.g. - if you launch your online store in India when no one have internet)
No mentorship or guide
Legal challenges
Lack of passion
Burn out
Not understanding laws and rules (of country)
Neglecting finance and spends
Not taking feedback and making changes
Competition can kill your baby !
Not Understanding what problem you are actually solving
Not focusing on solving one problem neatly. (like - I can do this, this and this one too !)
You are really passionate about starting startup, that's why you came here after reading each point so here are some bonus points which helps you more, You can thank me by giving gifts 😜
Not making proper plan and future plans
Wrong selection of customers or target segments
Giving lots of discount to acquire customers
I'm not going to give deep information of each one, this is not college ! You can find by yourself if you wanted and you have interest. Thank you
Prabodh Nanajkar, signing off !
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