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WHY DO MOST STARTUP'S FAIL? - PART 1 BRAND

24/10/2021

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This is the most asked question the team at IBGR encounters when working with startups. I don’t know if it is fear of the unknown or a checklist - something to take into consideration as the founders move from concept to opening their doors.

After many startups with our network of entrepreneur, we agreed there are four major causes for failure to start:
  1. Under Capitalized
  2. Too Slow to Market
  3. Founders Overwhelmed by the Workload
  4. Business Idea Unworkable

Although the list looks like different issues, in reality, it is 3 + 1. The Business Idea is a separate issue and we will address it in a later post. Today we will hit on the other 3, all issues from the same cause.

If you look at what it takes to start fast and successfully, you will find 3 distinct actions that will minimize the failure rate. Too Slow to Market and Under Capitalized are functions of the same thing. Gain Clarity quickly on what you are selling to whom and you can economize your limited budget, something you’ll need when the selling begins.

First is clarity on the brand. Exactly who are you and what does the business offer that affects the prospective customer on an emotional level? If you are selling to consumers a B2C sale, how does your offer affect their lifestyle? Understand that most purchases are emotionally based and logic is used to rationalize the choice. The first level is what they are saying about themselves to themselves from buying your product or service? The second level is what are they saying about themselves to others from buying your product or service? The clothes they wear, the perfume they wear, the car they drive, restaurants they recommend, etc. are all statements. In fact, almost every buying decision made are statements. Understanding this and determining your brand's image becomes much easier.

The issue with B2B sales, Business to Business, is a little easier. Ultimately, the buying decision is about competitive advantage - how does the purchase of your product or service impact their success. We look at just 2 issues - reduction of costs or an increase in revenue. In short margins and profit. You still need the emotional appeal first by addressing their emotions, the challenges of running a business, whether talking to the owner or members of an organization. The challenging part but most rewarding avenue is to speak to issues that the prospect feels, many times unspoken, that makes a statement that you “get them”.

This is the essence of a brand and will enable you to create an umbrella brand for the company that makes an emotional connection, product / service brand that a rational connection, and team to make personal connection.

For more information on how to build a professional brand that will connect with your customers, go to 3METHOD BrandArc™.

One last thought before we set up the next post. Overwhelmed founders arise from tackling too much and not focusing on the few things that matter. Get the brand right and then move on to the second issue - how to make a MVO (Minimally Viable Offer) by setting it up as an experiment so you can quickly adjust and make the sales necessary to prove the business idea.

Next Post - Startups as Experiments
the IBGR Team
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      • BUSINESS PODCASTING MADE EASY
      • ECONOMIC NEWS >
        • IBGR.News
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        • An Epic Business Exit
        • Catalytic Conversation$
        • Exitology
        • The CFO Perspective
        • The Entrepreneur's Edge
        • The Smart & Savvy Business Exit
      • FINANCE >
        • Business Econ for a Post Pandemic World
        • Economics For Owners
        • Employee Capitalism
        • Money Matters
        • Practical Solutions to Difficult Problems
        • TurboCharge Your Business
        • Your Money Machine
      • HR / PEOPLE SKILLS >
        • Business and Beyond
        • Business Processes & People Talk
        • Equipping Others
        • Staff It!
        • Success Can Be Fun - With Focus!
        • The People Side of Business
        • Women of Business Thriving
      • INTERVIEWS >
        • Get You Noticed!
        • The Referral Guy Interviews Your
        • The Magnetic Voice
      • LEADERSHIP >
        • Compassionate Leaders of Influence
        • Destiny Road
        • Engaging Your People For Success
        • Leadershift with Col Ajai Lal
        • Leadership Powered by Common Sense
        • Influencing for Global Impact
        • Talk Leadership with Cedrick on the Radio
        • Your Corporate Confidante
      • MARKETING >
        • Building A Multilevel Marketing Empire
        • Level-Up Your Marketing
        • No Nonsense Market Domination
        • Buying Customers
        • #Seriously Social
        • Results Oriented Marketing
      • MINDSET >
        • Building Success Habits
        • Building You to Build Your Business
        • Entrepreneurial Mindset
        • Peak Impact Mentorship
        • Guidance To Wealth
        • The Hero Within
      • OPERATIONS >
        • Build It!
        • Building In Front of You
        • Building In Front of Your 2
        • Lead Lean
        • Pencils & Pistons
        • Planning Out Loud
        • Processes Under Control
        • The Ralph Peterson Radio Show
      • SALES >
        • Beyond The Method Selling
        • Inside The Customer
        • Sell It!
        • Serving Up Sales
      • STARTUPS >
        • A Business Primer for Startups
        • A New Business Model For Startups
        • Adulting In My Purpose Business Edition
        • Building Startup Operations
        • Creating A Consulting (Improvement) Business
        • How To Start A Consulting Firm
        • Survival Mode
        • The Geriatric Entrepreneur
        • Your Business 2.0
        • Z Gen Entrepreneurship
      • STRATEGY >
        • #OwnrLife
        • Better Your 4 U
        • Build Your Core for Dynamic Partnerships
        • Grow It!
        • How to Avoid Becoming the 80%
        • How To Become the Top 5%
        • How to Move Beyond the 15%
        • Living the Life .. On YOUR Terms
        • Own It!
        • ReImagine Your Business
        • The Business Owner's Bookshelf
        • The Self Managing Organization
        • Tenacious Top of Mind Business Insights
    • MEET THE HOSTS >
      • Ben Gioia ("joya")
      • Bert Robinson
      • Chris Mayfield
      • Crystal Y. Davis
      • Donna Kunde
      • Doug Thorpe
      • Ellen McIlhenny
      • Glenda Thompson
      • Jason "Wally" Waldron
      • Jeremy Gray
      • Jörn "Joe" Menninger
      • Kevin Beers
      • Lisa Askwith
      • Londina Cruz
      • Mike King
      • Monique McDonald
      • Patty Lawrence
      • RJ Lewis
      • Sarita Johan
      • Steve Sweeney
      • William Eastman
    • JOIN THE TEAM >
      • BECOME A HOST
      • BE A SPONSOR
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