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  • Most startups fail without knowing these 7 things

    Most startups fail without knowing these 7 things


    Welcome to moneycoach.vn to look for successful lessons to help you get the right direction. Along with that are the lessons of failure saving you tens, hundreds of millions of dong. Phuc Finance knows that: The desire to own your life is anyone's desire. That's why many people choose to start a business. However, only a few of them have been successful. Here are the 7 most common causes of failure when starting a business. Please read the article to avoid getting caught. Especially, many people fail because of cause number 6.a

    1. Insufficient financial resources

    Most startups do not budget for all types of funding. Putting team expenses out of control. This situation leads to debt. Then this cycle of borrowing drowned out all their dreams and ambitions. Then go bankrupt.

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    Even if you have all the funding in mind, you still need a blueprint for the whole. And thanks to those who have review experience to comment. If you are a small entrepreneur, you must have enough financial resources for at least 6 months of operation to wait until profit. If you are not sure, bankruptcy will come because you do not have the money to sustain.

    You need to prepare a backup fund for the case of not selling as desired. And minimize money for stages such as: inventory, warehouse costs, ... Optimize the recruitment costs of human resources, let one person take on many jobs instead of hiring too many people.

    2. Not enough knowledge

    Maybe the professional knowledge you have, but to start a successful business you need to have business knowledge and skills such as: Sales, Marketing, Human Resource Management, ... So you must hone or find strong people about that to cooperate.

    Many people have to work as a company to learn the process system and then deploy it. Otherwise, failure will be in the palm of the hand.

    Even if you don't. But you must know the process to effectively manage, avoid being overtaken by employees. Learn about marketing, advertising, sales, telesales, ... There are many Online classes and courses available today.

    Therefore, Phuc Finance always advises young people not to be afraid to try all jobs. Those are always valuable experiences and knowledge. Do not criticize low wages without doing. Don't just look at money. When you are young, work to learn, not just for money.

    3. Insufficient persistence

    Persistence is a must when starting a business. Starting a business is no different than growing a tree. It was not overnight, but it would bear fruit immediately. It's not that you pump in stimulants that grow right up, or grow up quickly, it collapses. It takes time.

    There are loads of startups that fail at this. Forcing the sales system, forcing excessive staff sales, in the end they quit their jobs, and had to re-recruit.

    You need to determine from 6 months to 3 years to have a stable company. Old pulled off the rope. Always remember this carefully.

    4. Do not pre-test customer needs

    Many startups set up with extremely unique and creative ideas, but some of them are not suitable or meet the needs of customers. In fact, customers are reluctant to try new products from an unknown, unconfirmed company.

    Therefore, if your product or service is too new, never before, you can "be friendly" with customers by testing market exploration programs and then re-adjusting your products. products to suit the right users.

    Many startups do not do this step of testing but confidently launch products in series. In the end, the capital spent a lot but could not sell. So when you start a business, what you invest money, time and effort into checking customer needs first. See if they are interested and willing to spend money on your product. From there decide how much investment is. Countless business people have backlog due to too much import and incorrectly importing the products they need.

    Remember, business success depends on many factors, it is unlikely that you will be able to do it by others. It's normal for other people to sell a lot but you can't. You should definitely test your customers' needs before you start doing anything.

    5. Follow passion is not what the market needs

    A lot of people fail at this. They like something, they sell it. But there are many of our hobbies others don't need. It doesn't improve their lives, so they don't pay for it. So there is no sale. So it is natural to fail.

    Do whatever it takes to be of service to others. If not, surely fail. Countless good ideas are all perished just because it is impracticalities. There's absolutely no place for an emotion in a startup business. Definitely must be measured by reason and actual numbers. So there are many people who follow passions but fail because of that.

    6. Inability to lead, unable to keep talented people

    To do this successfully, you must have a talented team around you to build together. They vow to accompany you, to be with you. Absolutely not working people only earn a few salaries. It is also absolutely not that people who come in to work just for a certain purpose and then leave: as temporarily waiting for the opportunity, for a beautiful CV, ... You have to choose very carefully to call a talented person to work with you and need enough heart, enough to keep them.

    Talent is a valuable asset of the business. Because whatever greatness is built up of brainpower and human effort. So I myself have to work hard to keep them.

    7. Internal conflicts of the founders

    Conflict from the founders is always the most regrettable cause of bankruptcy. But it is most common among Vietnamese firms due to poor teamwork skills. Many forms of cooperation instinctively, according to personal emotional trust without clear numbers, sharing rates.

    In the difficult early days, everyone joined forces to work together, until they were successful, they shed blood because everyone asked for more, or there were some tricks to get money together. Finally disintegrated. Just lose you, just lose money.

    If you are planning to cooperate with someone to do, you have to clear together on numbers before starting to do. The percentage of profit received. Capital disbursed in any proportion. If you contribute more, what is the rate of contribution? Make sure the issue is clear in writing and clearly signed. Legal precautions later. Spending 2 or 3 years to build and then lose will be extremely regretful.

    Starting a business is not a place to express yourself, much less a place for impatience. Any factor you do not know or ignore can become the main cause of your business's downfall at any time. So it must be calculated in detail and carefully. Because this game of chance can take your fortune and leave you with huge huge debts.

    For now, sign up for the Coach package of Building Business Property!

    In your free time, remember to click on the website: moneycoach.vn to read useful information to help you grow more brilliantly!

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