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)