Today’s technology makes people easier to do work. Especially for those who have just started their business. The increasingly important role of technology can be seen from the many promotions regarding businesses that are posted on the internet. So is the case with the startup business.
Business startup is the name for a business that has just been established. Businesses that generally have fewer than 20 employees are very closely related to technological advancements because this business operates in close contact with the website.
Even though the startup business is currently booming, there are still many who do not yet know what are important things to consider when running this business. Because of that, many found failure to practice. Given the importance of knowledge about the causes of failure in the startup business. What are the causes?
1. Lack of Understanding of Market Needs
It will be really fun if your work is in line with your hobby. However, there are still frequent mistakes in the use of these hobbies. There are still many who are too focused on hobbies and hobby development, which makes them forget about market needs.
You must remember that your business must be established by upholding market needs. Because indeed the market is what can grow your business. Therefore, try to understand what consumers really want. Study the problem and find a solution.
2. Empty Cash
Cash emptiness often occurs in startup businesses. This is often due to the many things that must be purchased when starting a business. If the startup business fails, try to remember how financial management you applied in the company.
It could be that failure is due to low ability to distinguish needs and desires. Whether the business is self-funded or funded by other parties, of course, you must ensure that expenditure and income are balanced.
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3. Lack of Teamwork
When setting up a startup business, of course you need several people who have expertise in managing a business. You certainly choose those who are competent in their duties. However, in addition to competence, you also have to pay attention to the cohesiveness of the team that you build.
There is no harm in training them so that they understand their responsibilities as employees also build cooperation between them. Teams that are not able to work together will certainly have an impact on work results.
4. Erroneous in Decision Making
After thinking about what the market really needs, you will make a decision. However, you need to know that the wrong way to make a decision will have an impact on the results.
It could be that your creative ideas will look embarrassing to be realized. This is certainly detrimental, both in terms of time to think of ideas and costs that have been incurred. Therefore, think carefully about how you realize the idea.
5. Hesitate When Changing Concepts
The concept that you built from the beginning is not necessarily able to be used continuously. There will be times when the concept must be replaced. This is because of the market conditions and the condition of the company which is not the same every day. There will be a period when your company is in a dangerous condition.
Therefore, if it is no longer suitable to be maintained, believe it is to change it. Don’t do it halfheartedly and with doubt. This will actually make you not optimal in doing so.