Why Most Startups FAIL?!
You’ve decided you want to head out into the startup world and begin nurturing your own business.
In this video I outline 3 most common reasons for why 9 in 10 startups fail within the first 12 months!
1) Having an unclear purpose. If you leap into starting your entrepreneurial journey without a clear purpose you are pure and simply going to struggle! You need to identify a shortcoming or opportunity in the market and then decipher how you will eliminate it!
2) Poor cash flow! This is an absolute business-destroyer. If you are unable to manage your cash flow affectively, particularly in the first 12-24 months when revenue will be tight, you will be unable to cover your basic overheads and will soon be closed doors :-(. So avoid this by planning from the outset how you will cover your first 12-24 months of overheads.
3) Last but not least, too many young or new entrepreneurs underestimate the sheer volume of work neccessary to build a startup from scratch. We are sold the dream of “4 hour work weeks” and “free time to do what we went”. In reality a startup can absolutely consume the vast majority of your time! Be ready to put in this time if you want to build something of substance!