Reasons Why Businesses Fail and How To Avoid Them
2. The business lacks value
The success of any business hinges of its value. It might sound obvious, but it’s not that easy. As a business owner (or future), you probably think your product or service is great. But it’s not enough. Before launching a business, always do extensive research (there is a lot of data available) on your target audience. Benchmarking and surveys are also a must.
Here are some generic survey questions to ask:
Would you talk about this product or service with others?
Have you ever heard of a similar product or service?
How much would you pay for this product or service?
If your product is only valuable to you or a small group, or it doesn’t offer more value than your competition, it’s time to rethink things.
(Blog."Reasons why businesees fail and how to avoid them". Liveplan 2021)