BY ROBIN GHOSH
( FORMER CHIEF ECONOMIST, BENGAL CHAMBER OF COMMERCE AND INDUSTRY)
KOLKATA, 13 FEBRUARY 2023:
Why does startup sink ?
They mainly fail for 3 reasons:
1. Lack of finance
2. Running out of cash
3. Impact of pandemic.
How do you get out of this trap?
Watch what Founders say:
1. Do more market research prior to launching. Put a stronger business plan.
2. A stronger business plan functions like a GPS to structure,run and grow your business.
3. Learn from your mistakes.
4. Ability to pivot your start if the existing plan is not working
5. What kind of pivoting we are talking about:
1. Change in business plan
2. Changing value proposition of the product
3. improve composition of the product.
One of the most common reasons for failure of startups is the lack of skill among entrepreneurs to pivot their business and of course correction when required– obstinacy to change may lead to disaster.
No entrepreneur can guarantee success. But you can avoid failure if you are flexible and have a mindset to accept and implement change..
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