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To better serve the market, it’s important to understand it

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It is true that, the entrepreneurs in the start-up eco-system survive, only when their product and solution are unique and have to complement the existing business, else the failure rate becomes 90% when the start tries to completely disrupt the ongoing business eco-system.

There are also few cases, where the success rate is 1% ,the start-up tries to bring unique differentiation, by catching the needs of the consumer and meeting the immediate demand or lucrative offerings. During the beginning stages of a startup, finding your seed funding is more than half the work.

 

Your initial funding will most likely come from your own pockets and then the goal is to raise outside capital. The reason is very simple, To better serve the market, it’s important to understand it.

 

 

One of the most common causes of failure in the startup world is that entrepreneurs are too optimistic about how easy it will be to acquire customers. They assume that because they will build an interesting website, product, or service, that customers will beat a path to their door.

 

That may happen with the first few customers, but after that, it rapidly becomes an expensive task to attract and win customers, and in many cases the cost of acquiring the customer is actually higher than the lifetime value of that customer. The fact of life is businesses have to adapt to the changing times and the volatility of the market. 

 

While dealing with business uncertainty like Wuhan Virus, unexpected shifts in the economy and industries were caused and secondly,  the startups also face challenges due to changes in the political, technological, economic, and environmental landscape — such as technological advances, data breaches, natural disasters, or new business regulations etc. 

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