Money Matters

Reasons Why Start-Ups Fail and How to Ensure Yours Succeeds

By May 8, 2017 No Comments

If you have the desire to turn your ideas into reality and become a successful entrepreneur… good for you! Being naturally enquiring and eager to learn, you are likely on the hunt for some helpful advice to guide you on the exciting journey that awaits your new enterprise.

In an effort to highlight the most important aspects of planning and putting a start-up business into practice, we take a look at some of the reasons why start-ups fail, and highlight a few tips for ensuring that yours succeeds.

Not Doing Enough Research about Demand

At the end of the day, it doesn’t matter how awesome your idea is if it doesn’t actually satisfy the needs or wants of the people within your community!

Before you take the plunge, do some research on whether or not people would be interested in what it is that you’d like to offer.

Losing Focus

Dedicating yourself entirely to your new business is difficult at the best of times, especially when you’re a student and working on acing those exams and assignments. The good news is that it is possible. All that it takes is a bit of planning and organisation.

Get yourself into a routine and do your best to remain diligent – even if that means saying no to a night on the town midweek and burning the midnight oil a couple of nights a week in order to get things finished on time.

Not Doing Enough Marketing

There are so many business owners out there who claim not to have enough cash for marketing… the sad reality is that the reason why they don’t have the cash is probably because they aren’t dedicating enough time and resources to marketing.

Avoid making this mistake by using social media to your advantage, or possibly starting your own blog. It won’t cost you a cent to start off with and it is a great way in which to build your following as your start-up grows.

Not Having Any Guidance

There are so many benefits to having a mentor on your side. Someone who can provide you with advice and guidance throughout your journey to success. Luckily, if you don’t have anyone in your corner, you can always count on the Student Digz team to be there to provide entrepreneurial tips, support and words of wisdom!

Targeting the Wrong People

Again, research is of the utmost importance when it comes to executing a start-up business plan. You might think that you know exactly who would be interested in your products / services, but how much do you really know?

Market research should be an ongoing practice, and you should always ensure that you are ready, willing and able to adapt to any changes in the market along the way.

Are you an entrepreneur? Tell us your story in the comments section below and share what you have learnt along the way with other enterprising entrepreneurs.

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