5 Practical Tips on Reducing Startup Failure Risks

Posted by ivanpw under Startups
From http://www.bizpenguin.com 4021 days ago
Made Hot by: MasterMinuteman on April 23, 2013 8:16 pm

Starting up a business is both exciting and challenging. This blog post will give you 5 practical tips on how to reduce your startup failure risks.

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Comments

Written by AngelBiz
4020 days ago

These are very good tips. I particularly like the #2. It always takes longer than expected and need more money than planned for start-up to be successful.

I have to disagree with your last tip though. I believe you have to focus on products, first and foremost. If you build great products the customers will follow even without spending a lot on marketing. I agree that sales and marketing is important, but you cannot put it ahead of your products.

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Written by ivanpw
4010 days ago

Harry,

Thanks for your valuable insight.

While I agree that we all need to build great products, I learn from my first-hand experience that great products without proper marketing is, well, just good for my ego, IMO.

I say, "My product rocks! Woot!" - the market says, "So what? I've never heard of it!"

I think that the best approach is to never stop improving our products while keep on pushing our marketing efforts - in the mean time, we should focus on how to do all of those efficiently and effectively.

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