It takes a lot of hard work and intelligence to make your startup successful. Majority of startups are getting failed as compared to the ones that are successful.
We will see why startup fails then we will know what we have to do to make it successful.
1.) Bad idea
In this competitive market, you can’t just do anything to make your startup successful. Good idea depends on the rareness and the ability to grow continuously otherwise, you would end up decreasing your cash flow and go bankrupt.
The idea should be based on the 0 to 1 principle by Peter Thiel. It says that you need to do something which will replace the previous one and will become the new mode of operation for the public.
For example, people used to ride horses in olden times, after the automobile inventions, riding horses become obsolete and automobile business flourished, it is called going from 0 to 1.
2.) Bad team
When your own co-founder is fighting with you, your business will not go further. The team should be very hardworking.
That’s why founders give some equity shares to the workers when the startup is in the nascent stage.
Sometimes founders go excited when they get the funding and they increase their expenses and salaries drastically and end up losing business and burn the hard earned money. Snapdeal is a great example.
The marketing of the business should be top notch as even good businesses cannot flourish without proper Branding and publicity.
5.) Hard work
It is the most important ingredient in the success recipe, you need to have the innermost desire for success, in this way only you will be able to work honestly. Get inspiration from time to time to maintain the graph line steady.