11 Jan [Social Enterprise 101] Challenges that Startups face
Indeed, an early-stage start-up faces many problems. Recently, there is research analyzed what actually stops startups from growing. It is good for people in this entrepreneurial ecosystem to learn.
Surprisingly, the top reason that startups fail is no market needs.
No market needs will lead to insufficient funds and easily run out of cash. A sustainable business model is very important as the funding environment is very competitive. External grants cannot sustain a social enterprise for long. As a result, we have to understand the market needs, plus a sustainable business model in order to support your firm.
Before getting into a business, thorough research is needed. Research data can show you the market insights which allow you to have a full understanding of the market and establish a clearer business case.
Of course, there are a lot of tactics in creating your own sustainable business model. Keep exploring!