Hello Rodinhooders,
I just need your valuable suggestions.
If a very very small family (Not individual) have already lost their every single saved penny in first start-up, how can they start again? It was based on Noida and CSAT was around 99% because of Quality and price.
Reasons to be failed:
Poor cash flow.
Limited money to be invested. (Of course didn’t approach any investor)
Primary focus on customer instead of operation.
Thanks
Geetha Ravi
work under some good firm to gain experience in the same line of business you want to start all over again & the have a start up yourself.Have patience.”Samay se pehele ……….”.as the saying goes..
Pawan Deokule
Hi Nitin,
Failure is never a single day process. There are signs that lead to it well before it occurs.
If you want to re-enter the failed venture and turn it to a success then analyze the past and anticipate the future. Cash flow is a problem that can be solved by convincing a bank to open a line of credit for working capital.
Limited capital is what makes us entrepreneurs, to go where others would see risk of having more month left than money. 🙂 This cannot be a reason for failure, the limited capital only tells you how long you have before you must break even.
“Primary focus on customer instead of operation” This line is highly contradictory, if you were not concentrating on operations, then you definitely were not focusing on the customer! This is probably the reason for failure. Make sure you have an operation that ensures good customer service and sure, you will succeed, else the business was never viable.
The best option is such a case is to hire an expert or draw a partner who has prior success in the business or in its operation. This would reduce your risk of failure.