There are many reasons why businesses fail.
Reasons such as problems with business ideas, financing or marketing or promotion strategy.
1. What’s your proposal?
It consists of defining and explaining in a clear way what is it exactly that people need.
Without a real need, there are no incentives for customers.
2. Is the product aimed at a viable market?
Entrepreneurs are passionate and many fall in love with their business ideas and their products before even confirming that there’s actually a market for them.
Even if the market does not exist, many assume that they can create it.
3. What distinguishes your product from others?
Very few companies can trust-and afford-ingenious marketing campaigns to differentiate themselves from the competition.
If you want to succeed in business, you have to offer a tangible value that your competitors do not have.
4. How much capital do you need to start your business?
Many investors and consultants will tell you that most businesses fail because they require more start-up capital than they actually had avialable or thought they needed.
Our recommendation is to calculate the capital you think you need and add an extra “mattress” to it.
5. What are your strengths?
Find out what you’re good at and invest your time in that. Don’t ever give away your talent for free.
Many enthusiastic entrepreneurs lose their nerve when they believe that the world is full of possible business to develop.
6. What are your weaknesses?
Develop the tasks that are within your competence and the rest – such as business accounting, for example – a loyal partner.