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Why product based start-ups fail?
There have been so many products which were created but couldn’t see the day light, major of products which were created / invented had not seen day light fall majorly in technology aspects, right from manufacturing to software product’s lets analyse some reason why product based start-ups fail.
Advancement in has seen lot of technology start-ups in the market with lot of innovative products, but major of products lose their value if it’s not accepted by the market.
1) Time taken in developing product usually overshoots the deadline, this is very critical in start-ups where every single paisa saved is revenue.
2) Product undergoes too many changes of adaptability consumes too much of time and money.
3) Start-ups spend too much to ensure development of product; they forget completely when they need to stop doing R&D.
4) Especially technology based product start-ups should also understand no matter how good the technology and product are if it cannot be sold then it’s like a bomb that never went off.
5) All factors of scalability, viability, accountability needs to be looked in for any product based start-ups.
6) All the revenues are dependent on one product which itself is big risk, as time, money spent on the product is also the investment which needs to bring returns.
7) Just designing unique product will not ensure success, the product should also be user friendly, people should understand the purpose its delivering to them.
8) When product is conceived clarity in terms of revenue also should be thought when designing product.
When product is successful its returns are very steep high, but if product is not successful lot of start-ups get winded up and shut.