California resident Ranjeet Reddy Paladugu is CEO and founder of Specialty Holdings, a company that offers clients a variety of financial services. As CEO, Ranjeet Reddy Paladugu has experienced with operating a startup.
Today’s business world has made entrepreneurship accessible to just about everyone. Entrepreneurs only need the right tools and an outstanding, innovative idea to get their feet in the door. However, while these are valuable tools in launching a venture, many start-ups fail within a few years for a variety of reasons.
Entrepreneurs struggling with their start-up can use a few of the following strategies to save the venture. The first part of addressing weaknesses is gaining clarity on the business figures and addressing these weaknesses. For example, one weakness is related to a lack of market interest. Other issues might be related to technical or product issues that need addressing or focusing too much on the technical aspect of the service or product while not focusing on customer service.
Startups should not wait to make a perfect product before introducing it to the target market. Instead, they should gain actionable feedback from customers and be quick to iterate. Compared to large organizations, startups have the advantage of quick experimentation, thereby, increasing their chances of developing a product exactly based on what the customer needs.
