Every second person that you meet may seem to have their own start-up these days, but not all of them are succeeding. The thought of having your own start-up does have a nice ring to it. But in reality, it is not everyone’s cup of tea. Truth is that running and sustaining a startup is more difficult than beginning a new one.
Keep a lookout for these signs if you feel that your startup isn’t doing that well.
Signs That Your Startup Is Failing
This is one of the first and major problems that you may face. You may have put a lot of efforts in designing your product, making it as user-friendly as possible, but to realize that no one actually needs it is really heart breaking. Think it through, ask advice of others, consult people before launching your product.
Or there are chances of happening the opposite too, that the product receives good customer reception, people sign up to the mailing list in huge numbers, but customer acquisition rates are going down. People are just signing up but not actually buying the product.
It is difficult to sustain a business in a shrinking market. If your company is unable to handle the competition, the price is becoming a concern and demand is gradually decreasing then it is time to rethink your position in the industry.
Deviation from the core product
Managing time is a real challenge and not everybody can win it. If you get more engaged in other aspects of your start-up and deviate your attention from improving the core product then you are destined to doom. Competitors do not come announced and you may never know when they might sweep your business away if you keep yourself busy in other distractions which may pop up along the way. So keeping your attention focused is a must.
The excitement of starting and running a new business of your own have chances of wearing off. When obstacles come in your way, the thought of running and leaving it all of behind may come in your head. After all, the stress of managing all the things from designing, marketing, financing, accounting, promotions, sales, customer care etc. is not less. Some people are born with the talent of entrepreneurship, some learn the tricks of the trade but some are definitely not meant for it. Trying it may seem tempting as it is trending these days but sooner or later the truth will come out. The point is to keep the spirits high. Don’t overburden yourself with achieving all in the beginning itself. Give it time. Slow and steady wins the race. Enjoy the journey of your business. Don’t rush it. Savor each moment.
No plans for monetization
Charity is good. But if your idea is worth it then start of monetising it if you haven’t already. Always keep the option open.
The market is flooded with numerous start-ups. If your idea is not unique and innovative enough or it is not being marketed properly then it is a problem you should be worrying about.
If it is in a commodity market then, price wars may get into your way. Try to keep your product or service as cheap as possible to avoid being run down by other large-scale manufacturers or service providers out there.
Do not get demotivated if you notice these signs. Remember, the taste of success can only be felt after having failed. So don’t be afraid of failures.
Take them in your stride and give them a seasoning of your own endurance! Times change for everyone. The tables will eventually turn. The real question is: Are you working on your weaknesses and making proper use of your strengths and capabilities?
There are a lot of things we don’t like about ourselves. Instead of worrying about things we cannot change, we need to work on our bad habits which can be replaced by some good ones.Never limit yourself to what you already know. Embrace your dark side, and incorporate them into your work. All of the best stuff comes from it when you allow yourself to remain open to the unknown.
The world is full of examples. Examples of people who have achieved laurels in different fields regardless of their injuries, disabilities, low-income conditions, marriage bounds, or conservative families issues. This is your life. You and only you get to decide what you want to do with it. You can’t rely on someone else for your happiness. You can’t blame someone else for your failures. People tell you all kind of things, force you into decisions, but it’s you in the end who makes the decision.
You can’t rely on someone else for your happiness. You can’t blame someone else for your failures. People tell you all kind of things, force you into decisions, but it’s you in the end who makes the decision.