6 Signs Of A Startup That Seeks New Steer
#3 You're missing industry standards
Understanding the industry's key sales cycles is important to assessing whether the startup is heading in the right direction as per Patrick FitzGerald, lecturer in the Goergen Entrepreneurial Management Program at the Wharton School of the University of Pennsylvania. A thorough understanding of the sales cycle is required; whether it is 6 months or four months or in a quick form of yes or no.
"If you're finding that you're not getting a yes or no within that industry time frame, that's a pretty good red flag that you're outside the norm in your industry," he says. "If it happens once or twice, fine. But if it's ongoing, you've got to realize it's a problem and consider whether a change needs to be made."
#4 The money's not there
It is appreciable that you work for the growth of your startup; however making worth out of it should always be the prime concern. Alex White was a student at Northwestern University, who co-founded Next Big Sound, a site where music lovers could create fantasy record labels to "sign" artists was surprised at his company not making profits even after shooting to fame.
"You have to be brutally honest about what's working and what's not," White says. "We were able to launch products successfully and build something we were proud of, but the business wasn't viable. You can't live in this entrepreneurial world if you can't make money."
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