According to the survey based on business failures, about 20% of the business do not survive the first year, about 50% of the business won't survive the first 5 years. So the business failure rate is fairly large.
Mistakes are part of life and we all fall at some point. But, like the man asked, “Why do we fall?”. I know you know the answer to it. So come on, let's take a look at the factors that lead to business failure and learn how we can avoid them.
You can't reach your destination without a map to guide you through the journey. Likewise, to reach success in your business, you must need business planning to guide you. Skipping the planning process in business is very dangerous. Without a business plan, you will never get a clear picture of your budget, growth strategy, customer acquisition, and scaling up.
Some businesses achieve profit in very few months. But others take a while like years to make a profit. Until then, you need cash to run your business. Many business failures happen due to a lack of money. So look for ways to reduce your expenses like:
Poor research may end at marketing the product to the wrong people and in the incorrect marketplace. By researching, you will get a clear picture of:
If you understand your customers and their needs according to your product or service, then you can see:
So do proper research before starting a business and provide your own unique solution that your competitor doesn't give.
Running a business is a team sport. Being the captain, you have the responsibility to coordinate and manage your team. But no team is whole without a coach. Coach has the experience a captain lacks. Likewise, there are experts whom you can reach out to for advice. Their expertise and experience will guide you and help you avoid business failure.
Many successful startups invest in mentors and acknowledge them for their success. So, leave your ego at the door and ask for help which will end in fruitful results.
Fear of failure is more powerful. It may restrict you from expanding your business to the next level. Also, fear of failure will:
Don't be afraid of failure - be afraid of making the same mistake again. Stand with your business, welcome failures, learn and improve for better success.
We start businesses to enhance the customer's life and make a profit. This motive will be incomplete without marketing and sales. Marketing and sales need a completely different skill set than developing the product or service.So, if you are not familiar with marketing, then you should hire a marketing specialist.
Running a business is not an easy task, it's a continuous challenge. Try to avoid mistakes. And when they happen, welcome them with a smile. Get some expert advice, analyse the mistake, learn what went wrong, and never make the same mistake again. Learn how to deal with business failure.
The electric scooter revolution has caught on super-fast taking many cities across the globe by storm. eScooters, a renovated version of old-school scooters now turned into electric vehicles are an environmentally friendly solution to current on-demand commute problems. They work on engines, like cars, enabling short traveling distances without hassle. The result is that these groundbreaking electric machines can now provide faster transport for less — cheaper than Uber and faster than Metro.
Since they are durable, fast, easy to operate and maintain, and are more convenient to park compared to four-wheelers, the eScooters trend has and continues to spike interest as a promising growth area. Several companies and universities are increasingly setting up shop to provide eScooter services realizing a would-be profitable business model and a ready customer base that is university students or residents in need of faster and cheap travel going about their business in school, town, and other surrounding areas.
In many countries including the U.S., Canada, Mexico, U.K., Germany, France, China, Japan, India, Brazil and Mexico and more, a growing number of eScooter users both locals and tourists can now be seen effortlessly passing lines of drivers stuck in the endless and unmoving traffic.
A recent report by McKinsey revealed that the E-Scooter industry will be worth― $200 billion to $300 billion in the United States, $100 billion to $150 billion in Europe, and $30 billion to $50 billion in China in 2030. The e-Scooter revenue model will also spike and is projected to rise by more than 20% amounting to approximately $5 billion.
And, with a necessity to move people away from high carbon prints, traffic and congestion issues brought about by car-centric transport systems in cities, more and more city planners are developing more bike/scooter lanes and adopting zero-emission plans. This is the force behind the booming electric scooter market and the numbers will only go higher and higher.
Companies that have taken advantage of the growing eScooter trend develop an appthat allows them to provide efficient eScooter services. Such an app enables them to be able to locate bike pick-up and drop points through fully integrated google maps.
It’s clear that e scooters will increasingly become more common and the e-scooter business model will continue to grab the attention of manufacturers, investors, entrepreneurs. All this should go ahead with a quest to know what are some of the best electric bikes in the market especially for anyone who would want to get started in the electric bikes/scooters rental business.
We have done a comprehensive list of the best electric bikes! Each bike has been reviewed in depth and includes a full list of specs and a photo.
To start us off is the Billy eBike, a powerful go-anywhere urban electric bike that’s specially designed to offer an exciting ride like no other whether you want to ride to the grocery store, cafe, work or school. The Billy eBike comes in 4 color options – Billy Blue, Polished aluminium, Artic white, and Stealth black.
Available in the USA, Europe, Asia, South Africa and Australia.This item ships from the USA. Buyers are therefore responsible for any taxes and/or customs duties incurred once it arrives in your country.
Why Should You Buy This?
**Who Should Ride Billy? **
Both new and experienced riders
**Where to Buy? **Local distributors or ships from the USA.
Featuring a sleek and lightweight aluminum frame design, the 200-Series ebike takes your riding experience to greater heights. Available in both black and white this ebike comes with a connected app, which allows you to plan activities, map distances and routes while also allowing connections with fellow riders.
The Genze 200 series e-Bike is available at GenZe retail locations across the U.S or online via GenZe.com website. Customers from outside the US can ship the product while incurring the relevant charges.
The Norco VLT S2 is a front suspension e-Bike with solid components alongside the reliable Bosch Performance Line Power systems that offer precise pedal assistance during any riding situation.
This item is available via the various Norco bikes international distributors.
Manufactured by Bodo Vehicle Group Limited, the Bodo EV is specially designed for strong power and extraordinary long service to facilitate super amazing rides. The Bodo Vehicle Company is a striking top in electric vehicles brand field in China and across the globe. Their Bodo EV will no doubt provide your riders with high-level riding satisfaction owing to its high-quality design, strength, breaking stability and speed.
This item ships from China with buyers bearing the shipping costs and other variables prior to delivery.
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The COVID pandemic has massively escalated the surge of cyberattacks and data breaches despite having robust security controls, software, and solutions abundantly available in the market. A lot of this could be attributed to the vulnerability businesses offer the cybercriminals to take advantage of the situation quickly. While the conventional cybersecurity approach has benefited many, having cybersecurity without cyber-intelligence and necessary awareness can put the security professionals off-guarded to more complicated and novel threats.
Furthermore, with limited cybersecurity resources, businesses need to prioritise their efforts to strengthen cyber posture effectively; however, many organisations do not have an anchor point or a guiding principle, to begin with. With cyber-intelligence inputs missing from cybersecurity capabilities like incident management, vulnerability management, risk assessment and brand monitoring, businesses end up running their security practice in silos instead of an integrated approach.
And, thus, in an attempt to revolutionise the cyber threat visibility and intelligence market, CYFIRMA, a cyber analytics startup assists businesses to understand the relevance of the current threat landscape. Not only it provides insights on threat actors and indicators, emerging threats and digital risks, but also automatically applies intelligence into cyber posture management. To dig deeper, Analytics India Magazine got in touch with the chairman and CEO of the company, Kumar Ritesh, to understand how the company uses a predictive intelligence-driven approach to discover cyber threats.
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Are you leading an organization that has a large campus, e.g., a large university? You are probably thinking of introducing an electric scooter/bicycle fleet on the campus, and why wouldn’t you?
Introducing micro-mobility in your campus with the help of such a fleet would help the people on the campus significantly. People would save money since they don’t need to use a car for a short distance. Your campus will see a drastic reduction in congestion, moreover, its carbon footprint will reduce.
Micro-mobility is relatively new though and you would need help. You would need to select an appropriate fleet of vehicles. The people on your campus would need to find electric scooters or electric bikes for commuting, and you need to provide a solution for this.
To be more specific, you need a short-term electric bike rental app. With such an app, you will be able to easily offer micro-mobility to the people on the campus. We at Devathon have built Autorent exactly for this.
What does Autorent do and how can it help you? How does it enable you to introduce micro-mobility on your campus? We explain these in this article, however, we will touch upon a few basics first.
You are probably thinking about micro-mobility relatively recently, aren’t you? A few relevant insights about it could help you to better appreciate its importance.
Micro-mobility is a new trend in transportation, and it uses vehicles that are considerably smaller than cars. Electric scooters (e-scooters) and electric bikes (e-bikes) are the most popular forms of micro-mobility, however, there are also e-unicycles and e-skateboards.
You might have already seen e-scooters, which are kick scooters that come with a motor. Thanks to its motor, an e-scooter can achieve a speed of up to 20 km/h. On the other hand, e-bikes are popular in China and Japan, and they come with a motor, and you can reach a speed of 40 km/h.
You obviously can’t use these vehicles for very long commutes, however, what if you need to travel a short distance? Even if you have a reasonable public transport facility in the city, it might not cover the route you need to take. Take the example of a large university campus. Such a campus is often at a considerable distance from the central business district of the city where it’s located. While public transport facilities may serve the central business district, they wouldn’t serve this large campus. Currently, many people drive their cars even for short distances.
As you know, that brings its own set of challenges. Vehicular traffic adds significantly to pollution, moreover, finding a parking spot can be hard in crowded urban districts.
Well, you can reduce your carbon footprint if you use an electric car. However, electric cars are still new, and many countries are still building the necessary infrastructure for them. Your large campus might not have the necessary infrastructure for them either. Presently, electric cars don’t represent a viable option in most geographies.
As a result, you need to buy and maintain a car even if your commute is short. In addition to dealing with parking problems, you need to spend significantly on your car.
All of these factors have combined to make people sit up and think seriously about cars. Many people are now seriously considering whether a car is really the best option even if they have to commute only a short distance.
This is where micro-mobility enters the picture. When you commute a short distance regularly, e-scooters or e-bikes are viable options. You limit your carbon footprints and you cut costs!
Businesses have seen this shift in thinking, and e-scooter companies like Lime and Bird have entered this field in a big way. They let you rent e-scooters by the minute. On the other hand, start-ups like Jump and Lyft have entered the e-bike market.
Think of your campus now! The people there might need to travel short distances within the campus, and e-scooters can really help them.
What advantages can you get from micro-mobility? Let’s take a deeper look into this question.
Micro-mobility can offer several advantages to the people on your campus, e.g.:
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Many startups fail because they usually don’t have a sustainable business model or can’t compete with the competition. Some struggle to survive even after successfully captivating the market. Many reasons to startup fail like market problem , Business model failure etc…https://www.communicationcrafts.com/why-do-startups-fail/
##startups fail ##business model ##business model failure
Did you order your favorite pizza with mushroom topping from Domino’s App? Ohh yeah! Did you choose Domino’s App over the Zomato food delivering App? So Yes!!! Here the question is why did you do that when both the services will offer the same pizza?
Not only does Domino’s guarantee deliver your pizza in 30 minutes but there also lies human psychology behind it. A human mind is likely to prefer direct deals rather than involving a 3rd party when he has the option to do so.
Moreover, if 3rd parties are involved then it results in your income being distributed among the brokerages. An app of your own will enable you to receive direct remuneration instead of relying on 3rd party apps.
To top it all, in this age of digital transition- a mobile phone has the solution to all your wants! Do you want to book a cab? Uber App is there for you! Wanna get your leaking tap fixed? Call out a person from a Repair Service App.
Having an app of your business in this mobile-operated world will give your business greater coverage resulting in greater business.
Do We know that your business does already have a website? Right? and if you don’t then we can help you get started!
But possessing a website for your business is not enough, you know why because 75% of users prefer mobile apps over websites. If you are into selling products online then a mobile application is far more preferable to your user than just a website.
A mobile application is more significant in user interaction capability and terms of functionality also compared to web pages.
Your app will ensure that your business reaches the heights that your business deserves because — ‘Your company should be the one to strategize mobile marketing better than others.
In this article, we will list out reasons that will keep your business ahead of the competition if your business owns an app.
Is your mobile usage higher, you scroll, you browse, you tap, you play, etc, right? According to stats, on average Millennials spend 5.7 hours a day on a mobile device.
Having a mobile app for your business means that every time a customer rummages through his phone, then he is bound to see your well-designed app’s logo which will in-turn increase your brand visibility. This can work to the advantage of your business as our mind records every image or text though unconsciously and if you really have a good app logo then it’s a double advantage.
Here the app will ensure that your brand is visible and if anytime in the future the customer needs your service then he knows who to turn to. Your app obviously.
Your business app can serve as a direct marketing channel to your customers. And the good thing is it can connect you directly with your customers without any 3rd party help as we mentioned earlier.
You can develop your app in a way that directly adheres to your customer needs like providing general info to your user.
Are you a person who avoids calling the authority for small details and instead looks for their website? Yes, then your customers might be like you and would want to contact you with your information on your app.
The other benefit here is that all the information regarding your company would be available at their fingerprints! They want to schedule an appointment with you or you want to acknowledge them with sales & promotions of your business then you can do them directly by using the app.
You have launched a new product and you think that this product will be convenient for these sets of people rather than other everybody then customize your product launch to the target audience with the app.
Direct marketing can even be conveyed by push notifications to your users, by enabling it you can notify them of any service or product that makes sense to them.
Last week I visited the coffee behemoth Starbucks, not only to have my favorite Iced White Chocolate Mocha but also to use the piled-up Stars that I had saved to avail a huge discount.
Awards and Rewards are the driving force to great business through an app, and especially when younger consumers are more hooked to getting services done through their mobile phone
Instead of the old-fashioned token collecting system, the same thing can be done through your app, result- more downloads, more customers, cool right!
To add to it, your customer loyalty will be digitized.
You want to advertise your brand on all sorts of possible platforms, don’t you? How about an app that does that for you.
Building your brand would be done by your app. A well-designed app will become one in all marketing tools- a billboard sign, an advertisement, a social media contest, a guest post, etc.
For that, you just need to get an app developed that is user friendly, has a great UI/UX, stylish, and would give a great user experience to your customers. Marketing your brand accomplished without manual energy!
Moreover, you will have stronger brand recognition in the mobile industry. If your app has excellent features and designs then the app would itself be featured in the App Store.
The more you get your users to interact the stronger your recognition will become and ultimately increase your business profits.
How many times have you referred an app to your friend or colleague and they are also using it now, isn’t it! Yes. If your app will provide products/services that are excellent, easy to use, mobile-friendly, then your business app will be good to reach the maximum audience.
An app that will do your customers’ job in just a few taps instead of standing in long queues will be the go-to-go solution. Customers would obviously be attracted by the services that are in their hand’s span. This will gain you immense popularity and an increase in customers.
If you are into a small business, make 2020 a game-changer for your business. Be extraordinary and make your brand ahead of your competitors.
We know that your competitor and your services are the same but the difference here would be made by an app. It will engage your customers to try out the new way to get your product and this will attract them to choose your service rather than the old method of buying.
And as we have already said, young customers will surely be the ones to try out your offerings. Actually out of the box.
The traditional method of business sometimes lacks customer loyalty. Take your own example, to shop grocery sometimes you go to the nearest grocery store, and sometimes you prefer to go to a grocery store that is near you to your office.
While that is not the case if you have your own business app, the trick here is engaging your customers fully with your app. Deals, Rewards, Discounts, Coins, gifts, coupons, etc will keep your users occupied and that will help you to get the maximum amount of loyal customers.
Your target should be to make your target audience, your loyal audience and that is the key to growing your business.
It’s high time to set your goals higher and invest in a marketing strategy that is not only trending but rewarding. This is the age of digitizing and your fully-fledged business app will make you stand ahead of the competition and what’s better than doing it in 2020 when even schooling is carried out by online medium!
You are well convinced about getting a business app developed, right? Ok so take your first step and lookout for a firm that helps to build a digital product, I personally feel app development Belgium based companies hold extensive experience in building a business mobile application, and this is my working experience with them or any app development organization you find authentic & proficient in the business app.
If you are looking forward to expanding your business and reaching new possible heights, then apps will be a catalyst for your success for sure. It’s just that you will have to make your business one that can even be operated by an app. Well, more importantly, you should be the one to strategize mobile marketing better than your competitors.
Article Source: 7 Reasons to Develop an App for your Business
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