What everyone would expect to be the #1 reason -> running out of cash is actually the far second.
So, why does their money dry up? 💸🦌
1. they don’t have (enough) sales
2. they have high costs
3. they don’t do business planning
🦌To make sure you have money in the pocket, you must:
– make sure you have validated your idea/product (see first two episodes)
– prioritize expenses and control costs (No, you don’t need fancy expensive offices during the launch!)
– make a business & and #growthplan.
🦌 Oh! And the #growthmindset. You really need to understand where you are at:
idea & product #validation ➡️ #traction stage ➡️ #growth stage
NOTE: there is no shortcut in this sequence, sorry! Also, when you launch, you are not automatically at the growth stage.
🦌Your turn now: What’s your take on all this?
A. Sad but true. I resonate with reasons 1, 2 and/or 3 of the list above. Let me know so I can help.
B. I get it but what is the difference between the 3 stages? Ask me & I will explain.
C. My business is a unicorn. Let me know to work with you then!
#thenordicmarketer #growthmarketing #marketing #whystartupsfail #grow