A: This is my product XYZ. It will take about ddd million as investment. I have roped in DEF as the technical director. He will take care of production/deliverables. I will do the selling. Margins are 45%. I hope for GHI millions as turnover by 2015.
So why do these plans not excite me? 90% of the times my reaction is a cold ok. Let me make it clear: frankly being enthusiastic, having the willingness to toil and vision to succeed are not the only things that will take your business ahead.
Logic is: NOT having these qualities will surely mean failure but having them will give you SOME leverage that you MIGHT succeed.
My experience has shown me the following facts:
Majority of the startups fail. The plans which were envisioned are never achieved. So what do these enthusiastic entrepreneurs lack?
A Propelis Study:
Myself and our Research Team decided to dig deeper into reasons for Corporate Failures.
Our Key Findings:
What's the aim of business we asked ourselves. The answer was: the purpose of business is to create a customer. If a customer/consumer is created rest of the things fall in place.
So stop making those meaningless projections, those Spreadsheets, the write ups, the statistics, ratios etc.
If you are not clear who will be your customer, what are his needs, why he/she will choose your product or service, you will never be able to sustain your business.