Here my short (impromptu) video on why I believe many business start-ups fail.
The old adage that “cash is king” remains as true as ever today, however, there is something else that I am increasingly seeing that can put the future survival of new businesses in jeopardy.
This issue is that: many startups fail to define upfront the market need or problem that their product or service will solve.
Seems obvious right?
You would think so but with so many new businesses looking to innovate into new areas and with technology providing an increasingly affordable platform on which to build new businesses, this consideration sometimes seems to get sidelined – typically until businesses seek funding and / or its too late.
So focus now on that particular market failure or wider need that your future business will plug in the world? What need are we anxiously waiting for you solve by creating your business? What frustrates you (and many others?) that your business will crack?
Be clear on the problem and your business solution and you will be one step ahead in defining future revenues and a potentially profitable business.