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How to prevent your first startups from failing? Marketing! Marketing! Marketing!
People start their first businesses for various reasons, such as having flexible work schedule, creating new products, and trying different lifestyles. However, one top reason in common to most new business owners is the intention for pursuing a positive change in their financial status. Unfortunately, many of them don’t have any prior experience in running their own businesses, which can substantially contribute to the early failure of their startups.
Broader Discussion
Why can a lack of such experience play a major role in determining a new business’ fate, especially for those who start their businesses for the first time? The answer isn’t simple, because when we talk about experience in business, it is really multifaceted, and many factors, including product design, customer needs, pricing/cost, and team building, are involved. Running a business successfully isn’t something easy as you may have mistakenly thought as long as you have a great business idea.
If you don’t believe that, a good metaphor that is probably more tangible to you is that veterans outperform rookies significantly in various sport professions (e.g., football, basketball) and in wars. Why? Veterans know their rivals well, understand the commands, communicate with their…
