Updated: Oct 15, 2021
1. Lacking market demand: No Market, no Cash: Planning your product that is out of the market is a common mistake. In some instances, A product that is not fulfilling customer demand will be rejected by the market. That kind of product will not work with the market well.
2. Inadequate financial resources: One of the important reasons for the failure of business startups is lacking financial resources. The business growth phase will be hindered by a lack of financial support.
3. The management: Inconsistencies within the management are another reason for business start-ups to fail. When there is no cooperation among the team members, the startup will not stand an opportunity either.
4. Product Timing: Proper market research and business plan should include the time that you will release a product. If you release the product too early, the demand may not be met. Timing should always defend on market demand so it will increase the chance of market acceptance. The right set of circumstances within the market should always be monitored.
5. Product/Services Pricing: The secret art when it comes to startup success is pricing. The challenge that you will meet in pricing is that the price should be high enough to cover business costs and low enough to attract customers.
6. Flawed business plan: Being open to change and welcoming innovation in a Business strategy may attract investors to increase business financial resources. Sticking to one ineffective business plan may result in investors’ hesitation and management’s inability to maximize profit.
By overcoming these challenges, we can increase revenue or grow by enabling efficient business analysis, solutions and also maintaining companies' agenda of targets.
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To improve management of a start up business, here are some information about how social meadia management works.