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TOP 10 REASONS WHY START-UPS RUN INTO FINANCIAL TROUBLE
by Tina Kerkam President, Convergence Group, LLC
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Just because you know how to build a better mousetrap doesn’t guarantee you’ll ever take home the cheese when it comes to building a successful business. In fact, the landscape is littered with fast-growing start-up companies that fizzled because their inventive genius wasn’t matched with a few business basics.
Not surprising, technology-based companies form the core of today’s start-up market. Yet, the unfortunate fact remains that the inspiration and entrepreneurial skills required to launch these dynamic new companies are not identical with the expertise needed to effectively run them.
Tragically, many promising companies start with great fanfare and wonderful ideas only to founder once they encounter financial troubles that were both predictable and avoidable at the outset.
A raging Bull Market can mask a multitude of sins, and during the boom years of the 1990’s many tech companies did grow by meeting product demand any way they could. Now that the market has cooled however, start-up companies that want to survive in today’s less forgiving market need to get back to the basics of improved productivity and sustained profitability.
Before you rush off to assemble your “To Do” list for future success, let’s first take a look at what “Not To Do”:
1. Don’t have a well-researched business plan or model Most start-ups are so eager to get going they don’t do enough due diligence on their company. I have yet to meet a company that succeeds on the “If you build it, they will come” theory of business planning.
2. Undercapitalize the business Often entrepreneurs are over-enthusiastic about their idea and don’t allow enough starting capital to build a sustainable business. Most businesses fail because they are starved to death in the first two years.
3. Don’t budget well When you are in start-up mode, it is hard to anticipate all the expenses you will have to pay. Many of the things you thought you could defer become urgent very quickly. Design a good budget that takes into account contingencies as much as you can, and be rigorous about it.
4. Price their product poorly There is a great deal of skepticism in the marketplace about value for the money. In today’s hype economy there is a lot of reason for that. There are three value propositions that drive purchasing: quality, speed and service. Pick two, and then price your product commensurate with your competition.
Continued...
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TOP 10 REASONS WHY START-UPS RUN INTO FINANCIAL TROUBLE 
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