Opening and operating a successful startup requires some hard-work and thoughtful planning — as well as the ability to adapt that plan. Having been involved as a consultant to numerous startups over the past decade, I have seen some fail, some achieve a modicum of success, and some make it big. Here are a few do’s and don’ts that will help guide your startup to the promised land:
• Don’t think that a great idea or a great product is enough. The startup graveyard is littered with amazing ideas and products that have failed.
• Do have a business plan that includes every aspect of how you will run your operation and how it will be successful. It should include all anticipated costs, marketing, manufacturing, the technology required and staffing. A business plan should also include how you will market and sell your product.
With this in mind, if you’re considering starting a new business, or you want to avoid the common pitfalls that prevent other startups from achieving success,
Salesforce shares the most common reasons startups fail in this infographic.
Here’s what is included:
• Why startups fail
• How to choose your core values
• The classifications of startups based on growth
Check out the infographic for more detail.
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This article was originally published in 9 July 2019. It was most recently updated in December 5, 2022 by Wise