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Top 5 reasons for Entrepreneurial Failure
By siliconindia
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1 Comments
Bangalore: Researches prove that nearly six out of every ten businesses shut down within the first four years of operation. So what are the reasons for such rate of failure? Two most widely acknowledged causes are lack of knowledge about the business and insufficient capital. But few having overcome these difficulties, still fail to sustain. So what are those causes? Let us have a look on the five reasons for entrepreneurial failures.
Lack of Viable Market
Starting a cool and out of the box idea is not enough to drag the customers to your door as soon as you open it. The past record of accomplishment shows that founders of the company spent a lot of time and money in R&D of a product without even bothering to consider how to attract customers. Some entrepreneurs even fail to understand their customers' values and perception.
It is as important to invest in researching the market to better understand the customers as it is for R&D of the product. Talk to prospective customers and try to find out what they need. Find the customer and their need first and then a solution to it.
