Suresh: Dad, I want to start my own company.
Dad: My dear son, do you think it is easy to start? Many people fail.
Suresh: There are reasons for failures, dad. Which your generation doesn't understand.
Dad: Dont burn my personal savings, you dont come from a business family.
Suresh: I am confident in my business idea, dad.
Dad: With my experience, I am saying don't take risk, son. Just take a job and be happy.
These are the conversations which we go through with our family members. Let's see what are the major real problems.
Reasons why they fail.
*Without proper planning, many startups begin without a clear business plan or goals. They are highly aspiring but when it comes to execution they fail.
*Gathering funds is a difficult task. The company runs out of funds before earning a profit. They burn personal savings or friends money. Many startups don't know how to take government grants and procedures.
*Poor marketing and products which do not fulfill the needs of the people. The digital presence and people knowing your brand plays a key role.
*Customer awareness and coordination problems.
*Conflict among companies to go ahead of everyone.
*The amount of price for a product without MVP testing in the market or over greed of product rates without any balance. Costomers care for genuine prices, products and confidence.
* Hiring a lack of quality workers would harm the organization.
*Analyzing customers and their feedback closely can help avoid mistakes and bring changes for effective product sales.
* Thinking about growing quickly as soon as you start and being too ambitious. Startups take time and every company which was established was once a startup. These are major reasons why many start-ups fail.
