4 Ways Nascent Entrepreneurs Should Follow for Survival

Going by the numbers, 8 out of 10 startups fail in the first 18 months of formation. It leads to both, loss of time and loss of capital. A failure for a venture can, therefore, lead to problems for wantrepreneurs. You must learn from the previous experiences of other entrepreneurs and then try and avoid the problems. You can learn from those blunders but it can cause problems as well. You must be judicious while taking the decisions and see that everythiannoyin according to plan.

Here are some steps on how a startup can survive its initial months and prove that it is not just another startup and make it big in the industry:

Market analysis
If you fail in short time, it means that you didn’t do enough market research. When you start a research, you know the market and your competition and this can prove to be an important thing going forward.

Before entering the startup, ask yourselves if it is worth your time or not. Check if your predicted turnout will satisfy you or will it let you down. It is good to learn from mistakes but it is better if the mistakes are someone else’s.

Consumer behavior
If you are aiming to set up a good business, you need to be clear on one thing: you need to understand the nature of your consumers and their capacity to pay the price you are asking for. There is fine line between being rich and capacity to pay. It may not be necessary that people with high standards of living are ready to pay.

Attention to advice
You must do away with your know it all attitude because in the long run it is going to create problems for you. After a little bit of success, the entrepreneurs are on the top of the world. They don’t feel the need to seek expert advice. The good investors are like that because they have made money from multiple streams. If they advise you something, it might be helpful and might prove to be a good suggestion. Listen to your investors wisely and give importance to your team as well.

Moolah
When you get the ball rolling, don’t just jump into funding. Test your produce and decide wisely. Also assess your cash flow needs. Cash flows not only involve capital needs but cash needed for your daily operations. Cash is an important factor for any business. You must ensure that there is enough cash for the company. You need to grow and not only on papers but it must be real numbers.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, File ITR Online.