This is the era of start-ups. In each and every city, small or big, start-up businesses are mushrooming every day. According to a study, 69 percent of U.S. entrepreneurs start their businesses at home. While around 9 percent of all American businesses close each year, only 8 percent are opened. A bit more than 50 percent of small businesses fail in the first four years.
Observe before you start operating
If you are planning to start a company, you need to be aware of the current scenario before taking any step. By discussing all the above statistics, the purpose is not to demoralize you but to provide you a clear view of the industry challenges and how to deal with them. Daymond John, the founder of Fubu says:
“Learn as much as you can about your industry immediately. Become an expert in that industry. Obviously, there are plenty of resources out there between your library and the Internet, but also try to find a mentor who directly answers your questions. Any information is always good information.”
Answer the real problems
The key to start a successful start-ups is to answer the real problems, provide the product/services direly required in the market
Alexis Ohanian, the founder of Reddit, Hipmunk, and Breadpig says about start- ups that:
“A common mistake I see many startup founders making is they aren’t solving a real problem. You should try to solve a real problem that people have or identify a much better way for people to do things than they’ve historically done before. That is often a good place to start…That’s why the motto of Y Combinator is: ‘Make something people want.’ If you can do that, you’re probably onto something.”
Success comes to those who persevere. Start observing, plan your plans accordingly and persevere in executing them. For expert business consulting advice, contact our experts.
Start-up Advice
09.09.2018