There may not be just one factor contributing to a startup or small businesses failure, in fact, usually it’s multiple reasons that contribute to the downfall. No matter how compelling or timely, a great idea for a service or product alone provides, there is no guarantee of success.
You’re probably not new to hearing the statistic that just 50% of small businesses will survive their fifth year in business, and only one third (30%) will make it to their tenth. The first time I heard that stat I was shocked too. How could this be? With so many smart entrepreneurs out there it seems unlikely, but running and small business does come with many challenges.
It’s best to be aware of the challenges that your business could face, so you can either avoid them all together or be prepared so you can make it through any hurdle that comes your way.
Here is the first of the top 7 common mistakes startup teams make.
1. A Big Idea, But No Plan
You believe in your potential for success. So, plan it out! Every good business idea deserves a great business plan, including a marketing and sales strategy. App-builders, for instance, often create an elaborate product dev strategy. They believe if they build it, “they” (meaning customers) will come. Then they discover that nobody cares… Read more.