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Why start-ups fail to capture market
Time is money is what you would have heard from your elders or you would have come across people saying this line. Well it’s true as its tried and tested and has withstood the test of time.
Let’s understand as why start-ups fail to capture market which is crucial for taking company to next levels. Having a product or service based start-up which has undergone the test and has started to yield revenues, where in you have understood with first-hand information about the usage, demand and requirement of your product or service in market.
The next step should be how fast I can capture the market, it’s all about making your presence felt in market, this implies to both mass market and niche market. Idea is not your monopoly if any other company can think and execute they take the pie of market even though you are the first entrant.
The above situation will not occur if you have patented your product, so understanding the need to accelerate is essential but lot of things need to be kept in mind with regard to timing of entry to market; way you are entering and positioning needs to be kept in mind.
The most common problem is the thought of the team, being Indian’s and if especially brought up in middle class family we are taught slow and steady wins race, have patience, be wise, act keeping in mind all the facts and problems. This imbibed features which individual gets from his / her upbringing will ensure that ability to take risk is brought down. Start-up is all about taking risk but it should be calculated risk but time spent to arriving and analysis calculating risk should be done fast.
Its not like you are running alone race and there is no one to you, don’t be under the impression you are the only one in market, there will be competitors its only about you not knowing it.
Don’t take too much time to decide should you go for funding, raising funds to increase sales or marketing or expansion. As rightly said Time is Money.