Article: Market Research Survivor
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Article:Market Research Survivor
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Your company formation process, it is a crucial step to select which type of business entity you would like to start e.g Profit making orientation company or Non Profit organization. Further more, before you a start Business consider the reasons businesses fail.
*You can’t pay your bills.When you run
out of cash your business has failed. *You can make profit predictions all day long, but the only thing that helps you pay your bills is cash. If you ever do business with large companies, you will find that many of them are slow to pay. I mean it’s not unusual for a large company to take 4-6 months to pay. They are masters at controlling their cash flow. Learn from them.
*You are offering something people are not willing to pay for.
This one is easy, but so many miss it. Especially, those who end up creating a product or build software without confirming with the market that there is a demand.
*Failing to attract paying customers in a cost effective way.
*You might have a product people are willing to pay for, but you can’t figure out a way to market it in a cost effective way.
*If it costs you more money to get a new customer than you can afford you don’t have a business.
*You don’t have the skills to manage your business and you
are not willing to learn. No one is a born entrepreneur.Entrepreneurs who succeed are fast learners. Learn or your business will fail.
Unable to build a winning team. When you start out, there is a good chance that you have to do everything, but you will only build a business if you can build a team around you.
Unable to create systems. If you look at a successful business, it runs on systems. It doesn’t rely on an all knowing business founder. There are systems within the business that enable the company to scale and grow There are different pros and cons for each kind of business vehicle and so it is important for you to weigh them against your business goal.
Market research should answer key questions, expose risks, and will probably throw up other questions. Professional analysts who study markets, products, industries, sectors, and consumer demographics are trained to provide unbiased factual information, clearly stating the risks associated with a market.
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