Becoming a first time business owner can be an immensely challenging and intimidating experience but when you begin to understand what separates a prosperous brand from its ineffective rivals, the required steps become much more transparent. In the following article you will find the top four elements that lead to startup failures according to fourteen global business accelerators.
1: Insufficient Testing
You cannot truly understand the validity of your unique product or service if you do not execute substantial testing. Gathering insight towards barriers of entry in your distinct industry, along with the specific needs and wants of your desired consumer base is essential when developing the beginning stages of a successful business plan. This invaluable knowledge-base will serve as the basis for all future brand decisions, and will assist you in sculpting a business strategy that is custom-tailored to your target audience.
The Innovation Cluster’s incubator The Cube offers a wide variety of services in relation to both product and consumer testing. Utilizing various resources including experienced industry professionals, leading business support applications, and guidance from Innovation Specialists and community partners supply our startup clients with the tools to perfect their products and services.
2: Internal Personnel Conflict
Maintaining the cohesiveness of your businesses core team-base is a vital piece of the overall brand blueprint that will considerably affect productivity and general workplace positivity within your organization. A successful team must possess complimenting skill-sets that work harmonically to propel the business forward with each member understanding the value of their colleagues and how their unique abilities aid the growth of the brand.
The Innovation Cluster provides you with a positive, inclusive, and collaborative environment to flourish your brand into an influential member of the entrepreneurial landscape. Startups work alongside each other in the incubator which is a proven method to help build each other up. While incubated, startups also have the guaranteed support from the business community to set you on the best path to gain the most impactful connections.
3. Lacking Tenacity
“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance. Unless you have a lot of passion about this, you’re not going to survive. You’re going to give it up. So you’ve got to have an idea, or a problem or a wrong that you want to right that you’re passionate about; otherwise, you’re not going to have the perseverance to stick it through.”
This quote of one of today’s most influential entrepreneurial voices, the late Steve Jobs, illustrates the immense importance of resilience and overall determination in the will of an entrepreneur. The long and trying journey of a small-business will be littered with both minor and more substantial failures that entrepreneurs must learn to control and use to their advantage if they wish to thrive in this competitive landscape.
How could an incubator shift the mindset of an uncertain entrepreneur? Being a part of a larger organization surrounded by a peer-group who are enduring the exact same trials and tribulations you and your brand experience on a daily basis is a priceless asset that can help alleviate at least a small portion of the anxiety associated with being a new business owner.
Often originating from founding members, greed is regularly responsible for dismantling young brands by pitting members with conflicting ideals against one another for nothing more than financial gain and peer recognition. Furthermore, consumers generally respond positively to a generous attitude due to the fact that such practices exhibit a genuine, and relatable brand-image that prompts product loyalty amongst your user base.
The Innovation Cluster helps avoid these unfortunate circumstances by providing startup clients with problem solving techniques instructed by established business partners via various events and Hands-ON workshops, each specializing in enhancing business skills.
Avoiding these barriers are only a few of the reasons to join a startup incubator like The Cube, that offers resources and support networks to its startup clients.
Interested in becoming an Innovation Cluster client?