Lessons Learnt From My Failed Startups
Published: Friday, January 17, 2020
You might be considering starting a business on your own. Go ahead but be warned! Nine out of ten startups will fail.
Cash is King
You need capital to run your business. The first startup I did was when I was an undergrad. I only had $200 per month to invest in it. It never took off; there was no money for marketing, staff and etc. You should find sources of capital first. Angel investor networks, government grants are some ways you can go about.
Market Need & Sales
I was selling most of the time and offering a free trial for my second startup. The response from consumers was better but I was running out of cash before I could make a single sale. I closed down.
Business Is Not For Everyone
Know when to cut your losses short. Business is not for everyone. You could be better off as an employed worker.