A lot of people want to build a startup business with a strong desire to innovate new technology to meet the needs of users and make their lives easier. However, not all startups succeed. A survey has shown that up to 90% of startups have failed.
A survey by CB insight has revealed 20 reasons why startups fail. Today we have picked up the top 3 problems why startups eventually close their businesses. The first problem found in up to 42% of businesses surveyed is “no market need.” Startups fail because they are unable to solve market problems on the spot. Having superb technology at hand is useless if you cannot fix the users’ pain points.
The next problem that makes it difficult for startups to continue is “running out of cash.” Most startups start a business with their own capital. Some of them cannot manage fixed costs well enough and end up running out of money. In some cases, startups have already secured funding from investors; but still unable to manage the funds to develop products and manage the organization well.
The third problem is that the company does not have the right team. Although it doesn’t seem important, startups up to 23% encounter this problem. If the team members do not have the same objective, in addition to keeping the work from moving forward; it affects the concentration of team members and overall performance of the company in the future.
Lastly, to build a successful startup business is tough at the beginning because you have to face unexpected problems concerning documents, accounting, resources, technology, and more. According to the CB insight survey, it has been found that the startup problems are somewhat identical. It would help greatly if startups research more information and ask for advice from experienced experts.
True Digital Park (TDPK) has been providing One Stop Service for Startups because we know the problems and want to help Thai startups to run the business easier.
True Digital Park One Stop Service for Startup offers online business consultation. We are a startup ecosystem that brings technology companies, VCs, mentors, business experts, and startups together.
True Digital Park and partners provide business consulting services including:
We have a team that provides initial consultation at no cost.
However, if you have specific questions and prefer to consult with experts. We will contact our partners to schedule a date and time for you.
You can register and fill in the form to inquire. The TDPK team will respond to you as soon as possible.
Find out more information and fill out the inquiry form at:
True Digital Park— ASEAN's largest tech hub and startup Located in the heart of Thailand's digital innovation district.