3 big reasons why startups fail

Every entrepreneur dreams of becoming the next Steve Jobs, and making it big.

But not everyone is cut out to be an entrepreneur.

And every year, thousands of new startups join the market, but only a handful succeed.

Let’s take a look at 3 big reasons why startups fail.

You launch your business too soon

Launching your product when it's ready is fine, but it must be done correctly. You can't expect to make sales immediately upon launch. First, establish brand awareness among potential customers, and then devise a strategy to encourage them to purchase your product.

You build something nobody wants

The only way to get customers is to build a product that solves a problem, and meets their needs. You can’t build something and hope that customers will come. You need to first understand your market and build something they would actually want.

You don’t have a clear business model

A lot of startups just sell their products, without thinking about their business model. You need to work out your revenue model. How will you make money, and how much can you actually make?