This is a guest post by Rudo Malequin from Fortepromo.com
Starting your own venture and making it successful is always a biggest dream for each entrepreneur. But all the startups never succeed and 90% of them fail within first two years According to SBA. The reasons why startups fail depend on the startups and vary accordingly. But in this article I would be discussing ten things you should know before you launch your own venture to minimize the probability of the failure of your startups.
Objective of Your Venture
First of all you need to specify the purpose of your Launch. You need to ask yourself why you want to start this venture. Whether this is only to earn more money or you have any other purpose too (All startups don’t have money as their primary goal). For how long you would like to run this startup. Whether you would like to do this as part-time or full-time; Do you have skills to manage this startup of your own. These question would help you to understand about your limitations or talents and whether you can handle this venture or not.
Interact with your Audience
Most of the startups founders are convinced by their thoughts that people will buy their services/products easily and they never realize the importance of interaction with their potential customers before Launch. Go to your target Audience and take their opinions and ask whether they would be interested in buying similar services in future or not.
Know your industry
Many startups fail because of insufficient Market Research before launch. Have you done complete research about your competitors and their marketing strategies? Do you know the level of competition you have to face to attract customers and are you ready both financially and mentally to handle this? Are you strong enough to invest money in marketing for few months without any returns? These questions would tell you about your actual strengths and limitations, you can’t compete with big players who spend millions of dollars for their marketing.
Source of Funding
The most common reason behind the failure of Startups is inefficient Funds. Do you have enough savings for your startups or you need investors? Whether you would prefer to borrow money or would offer equity in exchange of money? Can you apply for Government Grants? In how much time you can return the money of investors after launch? Make sure you have sufficient funds to keep your venture alive.
Ability to Change
Can you change yourself with technology? Can you take Quick Decisions? Another common reason of why startups fail is they are too slow to take any decision or to change themselves according to market to meet their customer expectations. You need to learn the ability to upgrade your startups according to latest business trends.
Focus
Startup founders start losing their interest after some time in their venture and start looking for something else leaving the startup to die. The most common reason is that they can’t get quick results which they were expecting at time of Launch. As Startup founder you have to understand that making startup successful takes time and jumping from one idea to another won’t take you anywhere. Hence, devote time in venture which you always love to do.
This is a guest post by Rudo Malequin, who works as Internet Marketing Executive for Fortepromo which creates customized promotional products for startups that help them to promote their brand in market.
I think that blogging is a really great ’start-up business’. For me, I was wanting to create a business, but wanted something low risk and low cost. Blogging was the answer. Another point I would make is to accept / embrace your mistakes.
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Biggest Reason Can Be Focus…and as such You Have Mentioned It takes time..but many loose their interest so there focus is lost…btw wat is SBA
…Nice guest post Rudo 
yeah , i think Focus is the most important element to make any thing successful
@Ainslie
you are right , learning from mistakes is also equally important
Hi Lucifer,
.
SBA is the U.S Small Business Administration http://www.sba.gov/ . Hope this helps
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Nice post Rudo Malequin… I think first and the last point are very much important before startup.
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I think #2 is most important, “Interact With Your Audience”. Do this proactively and continuously. You always want to have a feedback loop and make sure your customers are engaged. They don’t care about you until they know that you care about them.
Small business owners often forget that the reason that we start a business is for our customer and not for ourselves. It is when you forget this that your business will fail. Without customers NO business can exist.
@teenbizcoach
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Interaction would help you understand , how you audience thinks about your products and what are their actual needs. Most of the times , Founders are convinced by their personal thinking and don’t care to take opinions of the Audience, which is not a good thing to do
well i think nobody knows the importance of right source of funding….i made one wrong decision and it almost broke my back
You are right but focus is always the best thing for blogs. Great post
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We should have our focus in the direction of our interest.
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Every point u mentioned has its own value.
thnx
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Thanks for the tips. It is important to choose something that you will not lose interest in.
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For those curious, SBA = Small Business Association.
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Thanks for helping Dennis , SBA = Small Business Association.
i Was Not Knowing this and i asked this in my comment also…BTW thnx for the reply
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These are some great tips, thanks for the post! I’ll have to go over these before I launch my next great startup idea… I know I could definitely make some great money from it
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The last one, be focus. Be patient and you’ll success =)
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