Ever wondered why most start ups give up in less than 3 years?, According to an online statistics, 92%of start-ups fail within 3 years, of this percentage, 74% fail due to Premature scaling. Premature Scaling refers to spending money on marketing, hiring, setting up conventional offices before finding a working business model.
There are lots of other reasons why start-ups fail but Premature Scaling seem to be the most common reason, most start-ups seems to get ahead of themselves by investing much of their initial capital on setting up without first testing the waters . Start-ups do not fail because of a bad idea, lack of money or even common competition but mostly because of poor management and most start-ups do not consider the smart way of doing things.
WAYS TO MAKE YOUR START-UP A SUCCESS.
VISION: Every entrepreneur needs a well articulated vision to cross the finish line.This would serve as a guide in difficult times
SPEED: Procrastination is a taboo for any entrepreneur that desires to succeed, getting things done in a quick manner enables start-ups reach their set goals and milestone, it makes a lot of difference when start-ups are able to launch on time or move faster than their competitors, As a start-up you have to make the most of your time to be productive.
BUDGET: A successful start-up should manage its finances and operate on a lean budget,unnecessary expenses should be avoided. Needs should be properly aligned to avoid unnecessary waste of useful resources.
INNOVATION: Successful start-ups easily adapt to changes, this can lead to major breakthrough. In the early years start-ups will need to reinvent their products or services a number of time to find the right niche for their businesses.
EXECUTION: Having an idea is not enough, putting together the right team with the right experience is critical to making good decisions or bad ones as the case maybe.
Time is of essence why not take advantage of a virtual office, workstation or a serviced private office to launch out while saving cost with less stress and enough time to work on your business.
For more information on our virtual office, workstation, serviced offices and meeting rooms visit our website http://www.rutyonooffices.com.ng or send us an Email at firstname.lastname@example.org or call 09-290-5797.