Are you on the right path to a successful business startup? What are the signs you should change your startup idea into something even better?
A study of “Entrepreneurial India”, by the IBM Institute for Business Value and Oxford Economics claimed that 90% of Indian startups fail within the first five years.
Launching a startup is an easy task, but running it smoothly is difficult. It takes years of hard work and long hours of work to reach an advantageous position.
Most often our self-esteem is connected with the success or failure of a business. This is why giving up on an idea is impossible. But, do you want to exhaust your life sweating on ideas that will never work?
In this article, we’ll discuss some of the signs you should change your startup idea into something promising.
Signs you should change your startup idea
Your startup isn’t reaching anywhere
Eight out of ten new businesses fail within their initial years. Can’t foresee profit in the long term? If your startup is taking longer than average to become successful, it is high time to change your startup idea. If your market doesn’t go as expected, pivot your marketing strategy.
Declining market value
How visionary is your product? How it enhances the life of its customers? If your product is differentiated from other competing businesses and can deliver long term value, then you’re on the right track.
If the market value of your startup keeps declining, your customers might be losing interest in your product and that indicates the need for a pivot.
Product launch taking too much time
Timing is everything.Frank Sinatra
You might think launching your product ahead of the deadline may give rise to the users not finding the product good enough.
However, it can give you more time to run experiments that can help you do validated learning on what changes to make in your startup.
If your startup MVP consumes too much time to launch and get customers, then it probably isn’t worth it.
By the time you exhaust your funds, it’d be really hard to keep working on the idea.
Launching it late can have hard setbacks especially if a competitor launches before you.
Competitor beating your performance
Is your sales team always complaining about losing your deals to a competitor?
A competitor beating your performance or launching a product before you can be frustrating. Re-adjust the features, price, market approach, or advertising tactics and thoroughly differentiate your product from your competitors.
Why is your opponent going viral and you’re not? Try changing the product features or price. If your product is still not going viral, it’s a big sign you should change your startup idea.
Too much input, too little output
Another important sign that you should look for is when you’re not seeing enough return on investment although you’re pouring in tons of your time and money.
Let’s face the hard truth, startups like any other business require profits. If your target market is not willing to pay, then that’s an indication of the need for a pivot.
You are clueless about the field
Are you experienced in the industry your startup is working in? Working on something you have zero expertise on is not going to get you anywhere. Start a business in the field you’re proficient in.
Working on something you’re interested in is essential because you will have to spend 60-100 hours a week to become a successful founder.
Your assumptions are being proven wrong
Every startup is born based on some assumptions.
Uber was born on the assumption that people would want to book a taxi on a mobile app since it would lower the taxi rates.
Similarly, AirBnB was born on the assumption that people won’t mind renting out a room for some extra bucks. Although, these assumptions were proved right and profitable, every startup assumption isn’t guaranteed to be right.
After conducting constant experiments, you’ll be able to arrive at a conclusion regarding your hypothesis. If your hypothesis are proved wrong, that is the most ideal time to change your startup idea.
Talk to potential customers
Before launching a service or product, it’s always better to talk to potential customers about the service or product. Know about the interests and wants of your target audience.
While positive feedback helps realize the needs of your target audience, negative feedback might help improve your service or product. Why do they think your product will fail? Or why do they not find it worthwhile?
These are some of the signs you should change your startup idea into something promising.
Ask yourself, why are you doing this? What is your mission? What problem are you solving? Are you helping the target audience with your service or product?
What are some changes you have to make to become a successful entrepreneur?
Hope this article helped you to realize some of the signs you should change your startup idea.
Frequently Asked Questions
How do I know if my startup is bad?
To know if your startup is bad, ask yourself if you know who your customers are. If you’re stuck in a mental trap and are not focusing on the revenue. You’re most likely to fail in your startup.
When should you give up on a startup?
If you want long-term business and personal success, you’ve to invest time and money not only in your startup but also in your family. If your family is at a breaking point, it’s high time you give up on your startup venture.
Why do early-stage startups fail?
Early-stage startups fail due to weak management systems. They’re weak on strategy and build products that are not beneficial due to their lack of validation and research.
Should I tell my startup idea?
It’s common among people to be cautious about disclosing their startup secrets. Your company can benefit greatly from telling people what your idea is about. Share it with everyone you meet!