There are quite a few startup companies like SunEdison, Gozoomo, Picturelife, Electroloom, Talentpad etc., who kick started their companies with huge investments and after a period started declining and failed to mark their presence in a highly competitive world. There are as many as 2000 startup companies raising every year and to our shock, 9 out of 10 startup companies fail in the consumer market.
Here, we give you an inception on why these Tech Startups fail.
1) Lack of skill or ability
Having an idea in the brain doesn’t really mean that you start your own company. First, analyze whether that idea is really enough to execute further plans.
Sufficient competitive analysis must be carried out.
Value bracket must be identified.
Calculate whether your idea is marker worthy
Stick to the handful resources you have.
Analyze if your product will be unique for customers.
Experienced and efficient employees must be on board.
2) Poor cash flow
Diminished finances and poor cash flow play a pivotal role in the failure of Tech Startups.
6 out of 10 startups run out of cash after setting up a company and they eventually seek funding help which further affects the company.
Inadequate administration, scanty finances and deficiency in sales and finances are the major reasons why companies run out of money.
3) Inadequate marketing
The heart of your business’ success lies in its marketing. Profit or loss of your business depends on successful marketing.
A successful marketing campaign can be expensive too. Many think marketing does not play many roles in business.
One must be aware of website developments, public relations, print and broadcast advertising and the use of as many available resources to promote your product.
4) Lack of administrative experience
Proper management is a key to a successful business. Proper management requires experience. Challenges like personnel management, crafting and executing a company’s strategy need experience.
An experienced management team is clever to discover tactics that ensure company’s success in the marketplace.
5) Marketplace Stagnation
The business industry is a fast moving place. What is in demand today becomes out of date within no time. This is the major reason why tech startups tend to fail
The time taken to diminish is almost less than the time taken for the business to get established.
By the time a startup gets suitable funding and start their business, they enter the market only to realize there is already tough existing competition.
6) Poor IT Infrastructure
When it is about tech startup companies, these cannot survive without an IT setup and support system.
Startups need entire infrastructures such as powerful servers, connections, computers and workstations for employees.
Because of these sophisticated networks, many tech startups outsource certain sections of their work.
The tech industry is one of the hardest nuts to crack. If you are planning of establishing a tech startup, think wisely before investing and invest the right amount in the right place.
Ways Facebook Messenger Is More Than Just A Texting App
Social media giant Facebook’s messaging app, Facebook Messenger, is being so widely used, it is quickly becoming as popular as Facebook itself. While the app may have started off as a stand alone messaging service, the Facebook team clearly has a lot more plans for the app. Apart from texting and video calling people, here are some cool things the messaging service does!
1. Create stories
While Facebook, Instagram and Snapchat requires you to create stories directly through the app, Facebook Messenger lets you create stories through the messenger service. Available for 24 hours, you can change your settings to let more than just one person view the story! Try this now, if you haven’t already.
2. Use augmented reality to shop
If you can’t find enough places to shop at or if you are too lazy to switch through apps while shopping, then worry no more. Facebook Messenger is now using Augmented Reality to help you shop better and faster. To make things better, you can take pictures of what you want (like a sneaker or lipstick) and see how they look on you before you place the order. In fact, brands like Nike and Sephora are already on board, making shopping an extremely easy task!
3. Encrypted chats
Did you know WhatsApp is not the only messaging service which provides encrypted chats? Facebook Messenger also has a service now which lets you have encrypted chats which cannot be decoded, come what may. All you have to do is to click on the “Secret” tab located on the top right corner. To make sure your chats are safe and record free, set a time period for when you want the messages to disappear . Using the end to end encryption service, Facebook Messenger makes sure even your government cannot read or track your chats!
4. Use it as a money transfer system
If you do not want to use apps like PayPal and PayTm to send or receive money, then it is time to move over to Facebook Messenger. All you have to do is go to the settings and connect your credit card with the app. To transfer money, tap on the name of the person to whom you want to send the money and just hit the bottom left button. Life made easy or what?
5. Unsend messages
One of Facebook Messenger’s latest features, the unsend message button, is now here! The unsend feature lets you delete messages within ten minutes of sending them. Unfortunately, Facebook Messenger isn’t at the point where it can hide the fact that you deleted a message. Just like with WhatsApp, the other person will get a notification saying you have deleted the message. Let’s admit it. We all wanted this feature and now that it is here, you can’t stop using it.
If you haven’t tried these features yet, the time to do it is now!
P.S., if you know other features of which we do not, comment and let us know!
How Technology Is Changing The PR World
Like it or not, technology is changing pretty much every part of the world, including the field of Public Relations. Here are five trends which are majorly impacting the PR world right now:
1. Voice Marketing
Till a few years ago, voice marketing was quite an unknown field. With the introduction of Amazon’s Echo and Google’s Home automation services, voice marketing has picked up drastically in the past few years. The more these devices are becoming a common affair, the more marketing agencies are trying to use them as leverage. While SouthEast Asia is still trying to catch on to this trend, many brands are now moving to a voice first approach!
2. Artificial Intelligence
Artificial Intelligence is quite certainly making its presence felt in the world. It comes as no surprise that even the world of PR Is being taken over by this revolution. Very soon, machines will not only be able to understand public sentiment in real time by leveraging millions of gigabytes of data, it will also be able to write natural and insightful copy. Talk about a giant leap forward.
3. Smarter bots
Companies are slowly but surely moving toward bots which are able to converse with customers in a way which not only answers questions, but engages customers as well. By using bots which can have more than just basic conversations, companies are increasing their communication with customers and are ensuring that they keep them satisfied.
4. Making data a leading force now
This new world of marketing is all about using data and information to promote their business. With technology entering every major field, the world of PR has become streamlined in the sense that marketing is now a much simpler process.
With so many advances in the world of PR, it comes as no surprise that these new trends are making PR great. If you think we missed out on any other trends like these, comment and let us know!
How To Streamline Your Work Through Crisis Management
In the very basic sense of the term, crisis management is defined as the process by which a company handles a stressful work situation. In order to streamline your everyday working process and to reduce the amount of pressure on your crisis management team, here are a few tips you could follow!
1. Have a plan
While the steps to solve every problem may not be the same, the principle around the solution follows similar guidelines. In order to be on top of at least the basic steps, it is important to always have a plan in hand. The moment you have the basic outline ready, filling in the details isn’t that hard. Remember when you were a kid and you were taught to colour only on the outside and then start inside? This plan works really well for your solving critical situations as well!
2. Let your employees know about the situation
Sometimes, when you are neck deep in problems, it is important to keep the door open to as much help as you can get. Let your employees know what’s happening and keep them informed about the seriousness of the issue. There are two advantages to this. Not only are you being open and clear as a manager, you are also letting in new ideas about how to solve the problem. Talk about a win win situation!
3. Communicate the action which needs to be taken
In extremely critical situations, it is important for you, as a leader, to take complete charge. This is not really a plan but an important step in the process of solving the problem. Give direct orders to those who can get things done and make sure you delegate as much as possible. Avoid leaving things open ended and have your pointers mentioned directly.
4. Create a crisis management team
One of the best ways to deal with a crisis situation head on is by creating a crisis management team. With senior executives, business leads and your public relations team, your crisis management team should include every member who is equipped with the skills to solve a problem from the very word go. Once you get your team in place, you can start working on delegating and then turn your attention to more pressing matters.
5. Be accessible
When in a situation which needs your attention completely, it is important to let your employees know you are available no matter what. Sometimes, even though you have given direct orders, people are faced with sudden questions and it is your job to get everything clarified. Have all your documents open and accessible so people know, even at times like this, you care most about honesty.
Solving a crisis takes time and effort. It takes a lot of dedication and hard work and when you have all your employees together, you know you’ll come out bright and shining. If you think we missed out on any other ways to solve a critical situation, comment and let us know!
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