Why Do Startups Fail?

A multitude of potential pitfalls can negatively impact entrepreneurs as they eagerly try to build their fledgling companies…and basically crush their spirit if allowed. In my experiences, there are four reasons that stand out the most:

  • Lack of Research – Research is imperative. It provides insight about what your competitors are doing so can stay several steps ahead and create innovative ways to develop and market your offering. It also provides you with insight about the costs and components of running a successful business in your target industry. Spending time investigating a specific market will show whether there is a demand for your intended offering. Successful research will help shape your vision and strategy. Without it, you risk the future viability of your business.
  • Poor Planning – There are a lot of moving parts that need to come together before your finished product is ready for sale. You have to coordinate delivery timeframes with vendors and partners who are all part of your launch schedule. In addition, you need to plan for bill payment. Figure out what your accounts receivable schedule looks like so you can continue procuring supplies and services you need in a timely manner.
  • Boiling The Ocean – Sometimes it’s hard to know exactly what will be a hit in the market. Hindsight is always 20-20. Sometimes you decide to make six different handbag styles, each available in seven different colors because you don’t know which one will be “the” one until it suddenly appears in an issue of InStyle and you now need to satisfy excessive demand without nearly enough inventory because you spread your resources too thin….ahh, but I digress. Focus groups can help! Talk to your target market and gather feedback. It may push out your delivery timeframes but the insight can help perfect your offering.
  • Nothing Unique – If there is nothing new or different about your product, nobody is going to buy – no matter how much you love it. It’s hard to pull off those rose-colored glasses and embrace the reality staring back at you. Leather handbags? Not otherworldly. Romance novels? Been there, read that. The key is to make your work stand out. Dig deep and find what sets your product apart from the competition and play that up otherwise it’ll get swallowed up into the abyss. Perfect your offering. You care, so figure out a way to make everyone else care. Establish a connection, show how them why they should be invested, convince them why they need your product.
Courtesy of www.digitalbuzzblog.com

Courtesy of www.digitalbuzzblog.com

Stop Hounding Me With Buy Links!!!!

People want to buy but they don’t WANT TO BE SOLD!

I love that quote. It’s so true. How many times do you go into a store, greeted by eager-beaver salespeople asking if they can help you find something to buy?

I could never be in sales…

But alas, I AM.

I’m an indie author. Not only do I write, but I also market and SELL.

Like with most businesses, the market is pretty much saturated with books. You name it, there’s a genre out there. And about a trillion books within each, with more and more being self-published on a DAILY.

Courtesy of 365til30.com

Courtesy of 365til30.com

As an entrepreneurial author, you may find success in publishing a book that embodies a brand-new concept, something new, different and alluring because it is outside the norm.

But that’s risky because people like what they like and most are creatures of habit. So unless you come up with something cutting edge that an influencer finds appealing, you may be SOL with that plan.

But fear not…there are other ways to gain an audience.

The world of indie publishing is very different now than it was a year ago. Isn’t that insane? I Google articles and if they are pre-2013, I rarely bother reading them because they are THAT outdated.

Social media takes the front seat with indie publishing. You need a presence and you need a ridiculously large network to get your name out there. But that’s not even enough…

The challenge is building a network where you form meaningful relationships, not just hey, post my link and I’ll post yours kind of stuff. That doesn’t do anything. It’s all white noise. And like I said, people get annoyed at the constant buy links. They aren’t helping authors move units.

The ideal is to build relationships online that translate to relationships OFFLINE. Grassroots efforts ultimately result in more widespread awareness, although they take time to gain traction. I’ve given plenty of books away…why? Because if you read “Unlikely Venture” and tell ten friends that you loved it, maybe they will buy and love it…and leave a review on Amazon. =)

And when “Nothing Ventured” comes out, they’ll be anxious to get their hands on that story and tell even more people if they enjoy it. By the time “Venture Forward” is released, I will have established a fan base (hopefully) for the rest of my author career.

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Here’s the key takeaway – Always keep focus on PEOPLE. Create for them, market for them, make them happy and excited because they are the ones who can make or break any of your entrepreneurial endeavors.

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