{"id":46428,"date":"2024-01-17T09:01:13","date_gmt":"2024-01-17T08:01:13","guid":{"rendered":"https:\/\/zuniclaw.com\/?p=46428"},"modified":"2025-07-14T16:40:46","modified_gmt":"2025-07-14T14:40:46","slug":"startup-investment-mistakes","status":"publish","type":"post","link":"https:\/\/zuniclaw.com\/en\/startup-investment-mistakes\/","title":{"rendered":"6 Startup Investment Mistakes to Avoid"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"46428\" class=\"elementor elementor-46428\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-293b1ef e-flex e-con-boxed e-con e-parent\" data-id=\"293b1ef\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ab5adf2 elementor-widget elementor-widget-text-editor\" data-id=\"ab5adf2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW77563364 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW77563364 BCX8\">In our journey of <\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">assisting<\/span> <span class=\"NormalTextRun SCXW77563364 BCX8\">numerous<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\"> startups with legal services, guiding them from ideation to the scale-up phase, <\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">we&#8217;ve<\/span> <span class=\"NormalTextRun SCXW77563364 BCX8\">observed<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\"> common pitfalls that, with the right guidance, could have been easily avoided. With this in mind, we aim to <\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">provide<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\"> valuable insights to aspiring entrepreneurs, offering guidance on how to navigate the startup launch successfully.<\/span> <\/span><span class=\"TextRun SCXW77563364 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW77563364 BCX8\">Often when people hear <\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">the word<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\"> \u201cstartup\u201d the first thing that comes <\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">to<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\"> mind are<\/span> <span class=\"NormalTextRun SCXW77563364 BCX8\">companies<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\"> such as Airbnb<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">, Slack, Uber, etc., which are <\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">truly amazing<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\"> examples of successful <\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">unicorns<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">. However, they do not <\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">represent<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\"> the <\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">majority,<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\"> nor <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW77563364 BCX8\">the reality<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW77563364 BCX8\"> in startup world<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW77563364 BCX8\"> is<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\"> so<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\"> good as it might seem.<\/span> <span class=\"NormalTextRun SCXW77563364 BCX8\">According to the <\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">Startup Genome statistics, 90% of startups fail between their second and fifth year of business<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">.<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">\u00a0<\/span> <\/span><span class=\"TextRun Highlight SCXW77563364 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW77563364 BCX8\">According to the\u202f<\/span><\/span><a class=\"Hyperlink SCXW77563364 BCX8\" href=\"https:\/\/www.bls.gov\/bdm\/us_age_naics_00_table7.txt\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Highlight Underlined SCXW77563364 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW77563364 BCX8\" data-ccp-charstyle=\"Hyperlink\">Bureau of Labor Statistics<\/span><\/span><\/a><span class=\"TextRun Highlight SCXW77563364 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW77563364 BCX8\">, 20% of startups fail in the first year, 50% within five years, and 65% within ten years. But there are many successful startups, too.\u202f<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">So, <\/span><span class=\"NormalTextRun SCXW77563364 BCX8\">don\u2019t<\/span><span class=\"NormalTextRun SCXW77563364 BCX8\"> get discouraged by the statistics!<\/span><\/span><\/p><p><span class=\"NormalTextRun SCXW105466881 BCX8\">Ever wondered <\/span><span class=\"NormalTextRun SCXW105466881 BCX8\">what those key factors<\/span> <span class=\"NormalTextRun SCXW105466881 BCX8\">set<\/span> <span class=\"NormalTextRun SCXW105466881 BCX8\">the<\/span><span class=\"NormalTextRun SCXW105466881 BCX8\"> few<\/span><span class=\"NormalTextRun SCXW105466881 BCX8\"> exceptions<\/span><span class=\"NormalTextRun SCXW105466881 BCX8\"> apart from the struggling majority in the startup landscape?<\/span> <span class=\"NormalTextRun SCXW105466881 BCX8\">Well, in short<\/span><span class=\"NormalTextRun SCXW105466881 BCX8\">, <\/span><span class=\"NormalTextRun SCXW105466881 BCX8\">certain mistakes can<\/span><span class=\"NormalTextRun SCXW105466881 BCX8\"> be <\/span><span class=\"NormalTextRun SCXW105466881 BCX8\">frequently<\/span><span class=\"NormalTextRun SCXW105466881 BCX8\"> seen <\/span><span class=\"NormalTextRun SCXW105466881 BCX8\">with<\/span><span class=\"NormalTextRun SCXW105466881 BCX8\"> startups in their early phases, which <\/span><span class=\"NormalTextRun SCXW105466881 BCX8\">unfortunately usually lead to failure.<\/span><span class=\"NormalTextRun SCXW105466881 BCX8\"> Avoid them, and your startup <\/span><span class=\"NormalTextRun SCXW105466881 BCX8\">may be<\/span><span class=\"NormalTextRun SCXW105466881 BCX8\"> on a good <\/span><span class=\"NormalTextRun SCXW105466881 BCX8\">path<\/span><span class=\"NormalTextRun SCXW105466881 BCX8\"> to <\/span><span class=\"NormalTextRun SCXW105466881 BCX8\">falling into the minority group of successful <\/span><span class=\"NormalTextRun SCXW105466881 BCX8\">start-ups<\/span><span class=\"NormalTextRun SCXW105466881 BCX8\"> (and <\/span><span class=\"NormalTextRun SCXW105466881 BCX8\">maybe even<\/span> <span class=\"NormalTextRun SCXW105466881 BCX8\">the<\/span><span class=\"NormalTextRun SCXW105466881 BCX8\"> next unicorn<\/span><span class=\"NormalTextRun SCXW105466881 BCX8\">)<\/span><span class=\"NormalTextRun SCXW105466881 BCX8\">.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f9b3b79 e-flex e-con-boxed e-con e-parent\" data-id=\"f9b3b79\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f281007 elementor-widget elementor-widget-heading\" data-id=\"f281007\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.Startup Rule No. 1: No Problem, No Solution<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e12e9ad e-flex e-con-boxed e-con e-parent\" data-id=\"e12e9ad\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-47a42c8 elementor-widget elementor-widget-text-editor\" data-id=\"47a42c8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW95960764 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW95960764 BCX8\">Almost every<\/span><span class=\"NormalTextRun SCXW95960764 BCX8\"> giant<\/span><span class=\"NormalTextRun SCXW95960764 BCX8\">, globally known tech startup you can think off started by detecting a problem and <\/span><span class=\"NormalTextRun SCXW95960764 BCX8\">figuring out<\/span><span class=\"NormalTextRun SCXW95960764 BCX8\"> the way to solve it. Here <\/span><span class=\"NormalTextRun SCXW95960764 BCX8\">are<\/span><span class=\"NormalTextRun SCXW95960764 BCX8\"> just a few examples:<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8616a6a e-flex e-con-boxed e-con e-parent\" data-id=\"8616a6a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ce2ccbf elementor-widget elementor-widget-text-editor\" data-id=\"ce2ccbf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">AirBnB<\/span><\/b><span data-contrast=\"auto\">: providing cheaper accommodation. Founders of this startup got caught in a situation where they could not pay their rent, but realized that they had some spare space in the loft they were living in. They decided to sublease those extra rooms, which eventually led them to create one of the most successful platforms for short- and long-term homestays.\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Uber<\/span><\/b><span data-contrast=\"auto\">: eliminating the unreliability associated with the taxi service. After many times of being late to meetings due to the fact that the taxi had been late or did not show up at all, Uber founder decided to take this problem into its hands and created a ride-hailing company which rapidly became a decent competitor to taxi services all over the world.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><\/ul><ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Facebook<\/span><\/b><span data-contrast=\"auto\">: enabling people to connect online. Until 2004 when Facebook was launched, users of the Internet could basically do anything online \u2013 listen to music, read newspapers, but the one thing that was not yet so user-friendly in the online world is the personal contact between people. That is exactly the gap Facebook founders discovered, and as a result, created a social network company with millions of users today.\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d998387 e-flex e-con-boxed e-con e-parent\" data-id=\"d998387\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e2fc3b8 elementor-widget elementor-widget-text-editor\" data-id=\"e2fc3b8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW188517852 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW188517852 BCX8\">As you can see, every successful founder started <\/span><span class=\"NormalTextRun SCXW188517852 BCX8\">by<\/span><span class=\"NormalTextRun SCXW188517852 BCX8\"> detecting a problem relevant <\/span><span class=\"NormalTextRun SCXW188517852 BCX8\">to<\/span> <span class=\"NormalTextRun SCXW188517852 BCX8\">a particular <\/span><span class=\"NormalTextRun SCXW188517852 BCX8\">market and <\/span><span class=\"NormalTextRun SCXW188517852 BCX8\">coming up with<\/span> <span class=\"NormalTextRun SCXW188517852 BCX8\">a<\/span> <span class=\"NormalTextRun SCXW188517852 BCX8\">solution.<\/span><span class=\"NormalTextRun SCXW188517852 BCX8\"> Even if the problem does not <\/span><span class=\"NormalTextRun SCXW188517852 BCX8\">seem large and you feel like <\/span><span class=\"NormalTextRun SCXW188517852 BCX8\">there <\/span><span class=\"NormalTextRun SCXW188517852 BCX8\">are<\/span> <span class=\"NormalTextRun SCXW188517852 BCX8\">not<\/span><span class=\"NormalTextRun SCXW188517852 BCX8\"> many<\/span><span class=\"NormalTextRun SCXW188517852 BCX8\"> people struggling with it, that is fine \u2013 <\/span><span class=\"NormalTextRun SCXW188517852 BCX8\">you can start <\/span><span class=\"NormalTextRun SCXW188517852 BCX8\">by<\/span><span class=\"NormalTextRun SCXW188517852 BCX8\"> resolving only one problem for one initial category of users. <\/span><span class=\"NormalTextRun SCXW188517852 BCX8\">What\u2019s<\/span><span class=\"NormalTextRun SCXW188517852 BCX8\"> important is to <\/span><span class=\"NormalTextRun SCXW188517852 BCX8\">provide<\/span><span class=\"NormalTextRun SCXW188517852 BCX8\"> value<\/span><span class=\"NormalTextRun SCXW188517852 BCX8\"> for someone<\/span><span class=\"NormalTextRun SCXW188517852 BCX8\">.<\/span><\/span><\/p><p><span class=\"NormalTextRun SCXW224918922 BCX8\">Without detecting a problem to be resolved<\/span><span class=\"NormalTextRun SCXW224918922 BCX8\">, the startup journey might seem like trying to climb a steep hill without knowing where <\/span><span class=\"NormalTextRun SCXW224918922 BCX8\">you&#8217;re<\/span><span class=\"NormalTextRun SCXW224918922 BCX8\"> going.<\/span><\/p><p><span class=\"NormalTextRun SCXW79938216 BCX8\">Some <\/span><span class=\"NormalTextRun SCXW79938216 BCX8\">startups start <\/span><span class=\"NormalTextRun SCXW79938216 BCX8\">with<\/span><span class=\"NormalTextRun SCXW79938216 BCX8\"> a solution<\/span><span class=\"NormalTextRun SCXW79938216 BCX8\"> and then<\/span><span class=\"NormalTextRun SCXW79938216 BCX8\"> search for <\/span><span class=\"NormalTextRun SCXW79938216 BCX8\">the associated<\/span> <span class=\"NormalTextRun SCXW79938216 BCX8\">problem. These startups are destined to fail<\/span><span class=\"NormalTextRun SCXW79938216 BCX8\">.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2add4d5 e-flex e-con-boxed e-con e-parent\" data-id=\"2add4d5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7a41862 elementor-widget elementor-widget-heading\" data-id=\"7a41862\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2. There Is No Product-Market Fit<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ca3fae5 e-flex e-con-boxed e-con e-parent\" data-id=\"ca3fae5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0ad61c2 elementor-widget elementor-widget-text-editor\" data-id=\"0ad61c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW46744105 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW46744105 BCX8\">In the startup game, forgetting to match your product with what people really want can be <\/span><span class=\"NormalTextRun SCXW46744105 BCX8\">a <\/span><span class=\"NormalTextRun SCXW46744105 BCX8\">significant<\/span> <span class=\"NormalTextRun SCXW46744105 BCX8\">stumbling block<\/span><span class=\"NormalTextRun SCXW46744105 BCX8\">, <\/span><span class=\"NormalTextRun SCXW46744105 BCX8\">often <\/span><span class=\"NormalTextRun SCXW46744105 BCX8\">even a fatal one<\/span><span class=\"NormalTextRun SCXW46744105 BCX8\">. <\/span><span class=\"NormalTextRun SCXW46744105 BCX8\">Even the most amazing products can be a failure if the<\/span><span class=\"NormalTextRun SCXW46744105 BCX8\">re are no users who are interested in using the features such products offer.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-bffba1f e-flex e-con-boxed e-con e-parent\" data-id=\"bffba1f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-30f81ee elementor-widget elementor-widget-text-editor\" data-id=\"30f81ee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"NormalTextRun SCXW46287713 BCX8\">It is possible that you did not even hear about <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">some of the failed products <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">launched by the industry giants, such as \u201cNew Coke\u201d \u2013 soft drink made by Coca Cola which <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">represented<\/span><span class=\"NormalTextRun SCXW46287713 BCX8\"> the attempt <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">of the company to <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">outstrip<\/span><span class=\"NormalTextRun SCXW46287713 BCX8\"> Pepsi <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">when it <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">started to gain popularity and became a threat on soft drinks market. <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">The new drink was supposed to taste more like Pepsi, but it turned out that <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">Coca Cola\u2019s crucial mistake was <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">underestimating<\/span><span class=\"NormalTextRun SCXW46287713 BCX8\"> its drinkers\u2019 emotional attachments to the brand<\/span><span class=\"NormalTextRun SCXW46287713 BCX8\"> \u2013 they n<\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">ever <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">conducted a survey asking their buyers<\/span><span class=\"NormalTextRun SCXW46287713 BCX8\"> how they would feel if the <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">original Coca Cola taste changed<\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">.<\/span> <span class=\"NormalTextRun SCXW46287713 BCX8\">The <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">New Coke <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">project <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">was <\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">stopped after only <\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW46287713 BCX8\">79 days<\/span><span class=\"NormalTextRun SCXW46287713 BCX8\"> of sale and the old, original formula for Coke<\/span><span class=\"NormalTextRun SCXW46287713 BCX8\">, as we know it today,<\/span><span class=\"NormalTextRun SCXW46287713 BCX8\"> has been re-released.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c6434ef e-flex e-con-boxed e-con e-parent\" data-id=\"c6434ef\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d4c9f73 elementor-widget elementor-widget-text-editor\" data-id=\"d4c9f73\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW90821712 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW90821712 BCX8\">The <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">New Coke story is a perfect example <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">of <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">seriou<\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">s consequences<\/span><span class=\"NormalTextRun SCXW90821712 BCX8\"> that can arise out of the lack of research<\/span><span class=\"NormalTextRun SCXW90821712 BCX8\"> and <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">failure to examine the goal market and <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">consumers\u2019<\/span><span class=\"NormalTextRun SCXW90821712 BCX8\"> opinions. <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">Luckily for Coca Cola, they already have <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">established<\/span><span class=\"NormalTextRun SCXW90821712 BCX8\"> a successful brand, so they were able to <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">recover<\/span><span class=\"NormalTextRun SCXW90821712 BCX8\"> from this <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">misstep. Unfortunately, that <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">is rarely<\/span><span class=\"NormalTextRun SCXW90821712 BCX8\"> the case with startups at their beginning<\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">, <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">which <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">instead usually <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">face <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">inevitable <\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">breakdown<\/span><span class=\"NormalTextRun SCXW90821712 BCX8\">s.<\/span><\/span><\/p><p><span class=\"TextRun SCXW144326593 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW144326593 BCX8\">In order to<\/span> <span class=\"NormalTextRun SCXW144326593 BCX8\">achieve the product-market fit requirement, you should <\/span><span class=\"NormalTextRun SCXW144326593 BCX8\">undertake two equally important tasks:<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c2a2544 e-flex e-con-boxed e-con e-parent\" data-id=\"c2a2544\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-47bed2f elementor-widget elementor-widget-text-editor\" data-id=\"47bed2f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul style=\"font-weight: 400;\"><li data-leveltext=\"-\" data-font=\"Verdana\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Verdana&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;-&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">detect the needs and desired of your targeted users, in order to determine what you should aim for<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"-\" data-font=\"Verdana\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Verdana&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;-&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">study the competitors who are in the same industry as you wish to be, to analyze which products or services are already available to the users, along with their advantages and setbacks. Also, competition analysis can help you detect the blind spots, enabling you to eliminate them ahead of time and establish a perfect ground for your idea to grow and thrive.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-155fe9e e-flex e-con-boxed e-con e-parent\" data-id=\"155fe9e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8e1cbf8 elementor-widget elementor-widget-heading\" data-id=\"8e1cbf8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">3. In Startup Game, Experience Is Gold<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-615b9f9 e-flex e-con-boxed e-con e-parent\" data-id=\"615b9f9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-615b9a0 elementor-widget elementor-widget-text-editor\" data-id=\"615b9a0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW212071349 BCX8\">More often <\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW212071349 BCX8\">than<\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW212071349 BCX8\"> not<\/span><span class=\"NormalTextRun SCXW212071349 BCX8\">, startup founders are people from the industry, <\/span><span class=\"NormalTextRun SCXW212071349 BCX8\">who were able to recognize the problems and shortcomings <\/span><span class=\"NormalTextRun SCXW212071349 BCX8\">thanks to their set of skills and knowledge in the field. However, <\/span><span class=\"NormalTextRun SCXW212071349 BCX8\">despite <\/span><span class=\"NormalTextRun SCXW212071349 BCX8\">understanding the principles of the <\/span><span class=\"NormalTextRun SCXW212071349 BCX8\">industry<\/span><span class=\"NormalTextRun SCXW212071349 BCX8\">, lack of experience in the <\/span><span class=\"NormalTextRun SCXW212071349 BCX8\">startup game usually <\/span><span class=\"NormalTextRun SCXW212071349 BCX8\">represents<\/span><span class=\"NormalTextRun SCXW212071349 BCX8\"> a<\/span><span class=\"NormalTextRun SCXW212071349 BCX8\">n obstacle <\/span><span class=\"NormalTextRun SCXW212071349 BCX8\">that is hard to overcome <\/span><span class=\"NormalTextRun SCXW212071349 BCX8\">since the investor might see it as a threat to the success of the startup.<\/span><\/p><p><span class=\"TextRun SCXW238058672 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW238058672 BCX8\">If <\/span><span class=\"NormalTextRun SCXW238058672 BCX8\">the members of <\/span><span class=\"NormalTextRun SCXW238058672 BCX8\">your <\/span><span class=\"NormalTextRun SCXW238058672 BCX8\">core <\/span><span class=\"NormalTextRun SCXW238058672 BCX8\">team:<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8f930b8 e-flex e-con-boxed e-con e-parent\" data-id=\"8f930b8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f0ef04e elementor-widget elementor-widget-text-editor\" data-id=\"f0ef04e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul style=\"font-weight: 400;\"><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">are not well familiar with the needs of the relevant market,<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">know nothing about how marketing activities work,<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">never participated in selection of employees or building a team,<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"6\" data-aria-level=\"1\"><span data-contrast=\"auto\">have zero experience in managing teams, or company in early stages,<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"7\" data-aria-level=\"1\"><span data-contrast=\"auto\">do not understand the financial aspects of growing a startup,<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4c11e84 e-flex e-con-boxed e-con e-parent\" data-id=\"4c11e84\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3873805 elementor-widget elementor-widget-text-editor\" data-id=\"3873805\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"NormalTextRun SCXW148919369 BCX8\">your <\/span><span class=\"NormalTextRun SCXW148919369 BCX8\">crew<\/span><span class=\"NormalTextRun SCXW148919369 BCX8\"> may be recognized as<\/span> <span class=\"NormalTextRun SCXW148919369 BCX8\">immature for <\/span><span class=\"NormalTextRun SCXW148919369 BCX8\">entering the startup arena.<\/span><\/p><p><span class=\"TextRun SCXW214597888 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW214597888 BCX8\">Investors are usually ready to give their trust to <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW214597888 BCX8\">the people<\/span> <span class=\"NormalTextRun SCXW214597888 BCX8\">with<\/span> <span class=\"NormalTextRun SCXW214597888 BCX8\">a relevant background<\/span><span class=\"NormalTextRun SCXW214597888 BCX8\">. This basically means that you are more likely to attract the investors if you<\/span><span class=\"NormalTextRun SCXW214597888 BCX8\"> are<\/span><span class=\"NormalTextRun SCXW214597888 BCX8\"> familiar with <\/span><span class=\"NormalTextRun SCXW214597888 BCX8\">the good and bad aspects of the<\/span><span class=\"NormalTextRun SCXW214597888 BCX8\"> startup<\/span><span class=\"NormalTextRun SCXW214597888 BCX8\"> journey ahead of <\/span><span class=\"NormalTextRun SCXW214597888 BCX8\">you<\/span><span class=\"NormalTextRun SCXW214597888 BCX8\">, <\/span><span class=\"NormalTextRun SCXW214597888 BCX8\">since such <\/span><span class=\"NormalTextRun SCXW214597888 BCX8\">experience<\/span> <span class=\"NormalTextRun SCXW214597888 BCX8\">can be<\/span> <span class=\"NormalTextRun SCXW214597888 BCX8\">an <\/span><span class=\"NormalTextRun SCXW214597888 BCX8\">accurate implication<\/span><span class=\"NormalTextRun SCXW214597888 BCX8\"> that you will be able to bypass the <\/span><span class=\"NormalTextRun SCXW214597888 BCX8\">obstacles,<\/span><span class=\"NormalTextRun SCXW214597888 BCX8\"> you face during the establishment of your startup and that you have the <\/span><span class=\"NormalTextRun SCXW214597888 BCX8\">potential to grow the company<\/span><span class=\"NormalTextRun SCXW214597888 BCX8\">.<\/span><\/span><\/p><p><span class=\"TextRun SCXW56610990 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW56610990 BCX8\">In other words, <\/span><span class=\"NormalTextRun SCXW56610990 BCX8\">only <\/span><span class=\"NormalTextRun SCXW56610990 BCX8\">having a great idea is a good start, but <\/span><span class=\"NormalTextRun SCXW56610990 BCX8\">when it comes to funding, it<\/span><span class=\"NormalTextRun SCXW56610990 BCX8\"> is attracted by<\/span><span class=\"NormalTextRun SCXW56610990 BCX8\"> those who prove they know how to <\/span><span class=\"NormalTextRun SCXW56610990 BCX8\">properly use<\/span><span class=\"NormalTextRun SCXW56610990 BCX8\"> it.\u00a0<\/span><\/span><span class=\"EOP SCXW56610990 BCX8\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-bbd8908 e-flex e-con-boxed e-con e-parent\" data-id=\"bbd8908\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9f24162 elementor-widget elementor-widget-heading\" data-id=\"9f24162\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">4. Your Business Model Needs Some Polishing<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-28ede8b e-flex e-con-boxed e-con e-parent\" data-id=\"28ede8b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d450d89 elementor-widget elementor-widget-text-editor\" data-id=\"d450d89\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW34738591 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW34738591 BCX8\">Your investors want to see a clear and detailed business model, <\/span><span class=\"NormalTextRun SCXW34738591 BCX8\">answering their main question: how will the startup earn money and grow?<\/span><\/span><\/p><p><span class=\"NormalTextRun SCXW36040170 BCX8\">The purpose of your business model is to define how <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW36040170 BCX8\">will your startup<\/span><span class=\"NormalTextRun SCXW36040170 BCX8\"> succeed and <\/span><span class=\"NormalTextRun SCXW36040170 BCX8\">make <\/span><span class=\"NormalTextRun SCXW36040170 BCX8\">a <\/span><span class=\"NormalTextRun SCXW36040170 BCX8\">profit<\/span><span class=\"NormalTextRun SCXW36040170 BCX8\">. <\/span><span class=\"NormalTextRun SCXW36040170 BCX8\">To <\/span><span class=\"NormalTextRun SCXW36040170 BCX8\">create<\/span><span class=\"NormalTextRun SCXW36040170 BCX8\"> a proper business model, you<\/span><span class=\"NormalTextRun SCXW36040170 BCX8\"> first<\/span><span class=\"NormalTextRun SCXW36040170 BCX8\"> need to <\/span><span class=\"NormalTextRun SCXW36040170 BCX8\">define the following:<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-12c57df elementor-widget elementor-widget-text-editor\" data-id=\"12c57df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">the product or service you are providing<\/span><\/b><span data-contrast=\"auto\">. Are you an outsourcing software development company, or you are a SaaS company? Do you sell certain products? Are you in the marketing niche? This first item on the checklist should be relatively easy to define, bearing in mind that the answer to this question naturally arises from the idea that motivated you to go into a startup business in the first place.\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">your target audience<\/span><\/b><span data-contrast=\"auto\">. Will you provide B2B or B2C services? If you are establishing a B2B startup, are you aiming for small and medium companies, or your product\/service is intended for large companies? Defining who you are targeting enables you to further shape your service or product.<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-627ed4d e-flex e-con-boxed e-con e-parent\" data-id=\"627ed4d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c778673 elementor-widget elementor-widget-text-editor\" data-id=\"c778673\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW3395935 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW3395935 BCX8\">For exa<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">mple, <\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">if you are developing a<\/span> <span class=\"NormalTextRun SCXW3395935 BCX8\">business<\/span> <span class=\"NormalTextRun SCXW3395935 BCX8\">time<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\"> tracking<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\"> program<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">, you are <\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">probably trying<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\"> to attract <\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">more entities and <\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">less<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\"> individual<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">s<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">.<\/span> <span class=\"NormalTextRun SCXW3395935 BCX8\">On the other hand,<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\"> that is usually not the case if you are developing a<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">n app <\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">enabling the user to create<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\"> a <\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">personal workout<\/span> <span class=\"NormalTextRun SCXW3395935 BCX8\">plan<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">, since such apps are usually intended for individuals.<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\"> Based on the target audience, you will be able to <\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">define<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\"> more details of your app, starting from the <\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">features to be included, <\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">all the way to the <\/span><span class=\"NormalTextRun SCXW3395935 BCX8\">appropriate price<\/span><span class=\"NormalTextRun SCXW3395935 BCX8\"> of your service.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dc07361 elementor-widget elementor-widget-text-editor\" data-id=\"dc07361\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><span class=\"TextRun SCXW96631968 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW96631968 BCX8\">the source of your startup\u2019s <\/span><span class=\"NormalTextRun SCXW96631968 BCX8\">revenue<\/span><\/span><span class=\"TextRun SCXW96631968 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW96631968 BCX8\">.<\/span> <span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW96631968 BCX8\">A<\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW96631968 BCX8\">re you planning on receiving one-time payments for the sale of your product, pay-as-you-go payments, or subscription payments on a monthly basis?<\/span> <span class=\"NormalTextRun SCXW96631968 BCX8\">Will your main <\/span><span class=\"NormalTextRun SCXW96631968 BCX8\">revenue<\/span><span class=\"NormalTextRun SCXW96631968 BCX8\"> stream be <\/span><span class=\"NormalTextRun SCXW96631968 BCX8\">the <\/span><span class=\"NormalTextRun SCXW96631968 BCX8\">single product<\/span><span class=\"NormalTextRun SCXW96631968 BCX8\"> or service you are providing, or <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW96631968 BCX8\">you will<\/span><span class=\"NormalTextRun SCXW96631968 BCX8\"> have multiple sources of income?\u00a0<\/span><\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5f94845 e-flex e-con-boxed e-con e-parent\" data-id=\"5f94845\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7e5b2a5 elementor-widget elementor-widget-text-editor\" data-id=\"7e5b2a5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW262445896 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW262445896 BCX8\">For example, <\/span><span class=\"NormalTextRun SCXW262445896 BCX8\">will your profit originate from the sale of your <\/span><span class=\"NormalTextRun SCXW262445896 BCX8\">products,<\/span><span class=\"NormalTextRun SCXW262445896 BCX8\"> or <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW262445896 BCX8\">you will<\/span><span class=\"NormalTextRun SCXW262445896 BCX8\"> mostly <\/span><span class=\"NormalTextRun SCXW262445896 BCX8\">earn<\/span> <span class=\"NormalTextRun SCXW262445896 BCX8\">through<\/span><span class=\"NormalTextRun SCXW262445896 BCX8\"> digital<\/span><span class=\"NormalTextRun SCXW262445896 BCX8\"> advertising?<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ce0109b e-flex e-con-boxed e-con e-parent\" data-id=\"ce0109b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bde454e elementor-widget elementor-widget-text-editor\" data-id=\"bde454e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"NormalTextRun SCXW65704743 BCX8\">If you draft your business model appropriately and pitch it you your<\/span><span class=\"NormalTextRun SCXW65704743 BCX8\"> potential investors<\/span><span class=\"NormalTextRun SCXW65704743 BCX8\">, eventually they <\/span><span class=\"NormalTextRun SCXW65704743 BCX8\">will <\/span><span class=\"NormalTextRun SCXW65704743 BCX8\">understand<\/span> <span class=\"NormalTextRun SCXW65704743 BCX8\">how you are planning to make a successful s<\/span><span class=\"NormalTextRun SCXW65704743 BCX8\">t<\/span><span class=\"NormalTextRun SCXW65704743 BCX8\">artup <\/span><span class=\"NormalTextRun SCXW65704743 BCX8\">and <\/span><span class=\"NormalTextRun SCXW65704743 BCX8\">wish to <\/span><span class=\"NormalTextRun SCXW65704743 BCX8\">join you on this journey.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e5cd6cc e-flex e-con-boxed e-con e-parent\" data-id=\"e5cd6cc\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-26dfcb4 elementor-widget elementor-widget-heading\" data-id=\"26dfcb4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">5. You Have No Idea How to Attract Customers<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-75925db e-flex e-con-boxed e-con e-parent\" data-id=\"75925db\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-905379c elementor-widget elementor-widget-text-editor\" data-id=\"905379c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW169480557 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW169480557 BCX8\">Despite the quality or the attractiveness of your idea, at the end, investors want to hear what is making your startup different than the other, existing ones.<\/span><\/span><\/p><p><span data-contrast=\"auto\">What are you offering that no one else does?\u00a0<\/span><\/p><p><span data-contrast=\"auto\">How do you plan to attract your users?<\/span><\/p><p><span data-contrast=\"auto\">Even more importantly, how are you going to retain them?<\/span><\/p><p><span data-contrast=\"auto\">This topic also includes the comprehensive analysis of the competition, as well as of the relevant market. It\u2019s simple: in order to make a service that will provide value and satisfy the users\u2019 needs, you need to ask them what they need. This can be done by conducting an official market research, or testing your product with relevant participants in the market you wish to enter.<\/span><\/p><p><span data-contrast=\"auto\">Whichever way you choose to do it, you need to be aware of the needs of your target customers, and then come up with a precise plan how are you going to help them.<\/span><\/p><p><span data-contrast=\"auto\">For instance, if you plan on selling clothes through an <\/span><a href=\"https:\/\/zuniclaw.com\/en\/ecommerce-store\/\"><span data-contrast=\"none\">online store<\/span><\/a><span data-contrast=\"auto\">, you will probably be more appealing to the users if you:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1c8840a e-flex e-con-boxed e-con e-parent\" data-id=\"1c8840a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-947aa8b elementor-widget elementor-widget-text-editor\" data-id=\"947aa8b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul style=\"font-weight: 400;\"><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">implement the payment system that is fast and user-friendly,<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">ensure there is a beneficial and simple return policy,<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">grant certain loyalty programs for the returning buyers.<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5e43fa6 e-flex e-con-boxed e-con e-parent\" data-id=\"5e43fa6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9023ddb elementor-widget elementor-widget-text-editor\" data-id=\"9023ddb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW66674675 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW66674675 BCX8\">Just assuming that the customers will be attracted to your product<\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW66674675 BCX8\"> without any effort<\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW66674675 BCX8\"> will<\/span> <span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW66674675 BCX8\">most likely take you nowhere.<\/span><span class=\"NormalTextRun SCXW66674675 BCX8\"> For that reason, make sure to <\/span><span class=\"NormalTextRun SCXW66674675 BCX8\">draft an adequate customer acquisition <\/span><span class=\"NormalTextRun SCXW66674675 BCX8\">strategy and<\/span><span class=\"NormalTextRun SCXW66674675 BCX8\"> marketing plan, as <\/span><span class=\"NormalTextRun SCXW66674675 BCX8\">well as the projection of the further development of your service and your preparedness to <\/span><span class=\"NormalTextRun SCXW66674675 BCX8\">comply with<\/span><span class=\"NormalTextRun SCXW66674675 BCX8\"> the market\u2019s requests. <\/span><span class=\"NormalTextRun SCXW66674675 BCX8\">Not only that your investors are going to ask you about this, but you will<\/span><span class=\"NormalTextRun SCXW66674675 BCX8\"> additionally<\/span><span class=\"NormalTextRun SCXW66674675 BCX8\"> create a much clearer <\/span><span class=\"NormalTextRun SCXW66674675 BCX8\">path<\/span><span class=\"NormalTextRun SCXW66674675 BCX8\"> for <\/span><span class=\"NormalTextRun SCXW66674675 BCX8\">your next action steps<\/span><span class=\"NormalTextRun SCXW66674675 BCX8\">.<\/span><\/span><\/p><p><span class=\"NormalTextRun SCXW235661846 BCX8\">Being a startup founder is not easy<\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">. A<\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">t the beginning<\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">,<\/span><span class=\"NormalTextRun SCXW235661846 BCX8\"> it seems that all you need to do is to <\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">come up with<\/span> <span class=\"NormalTextRun SCXW235661846 BCX8\">a good idea<\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">, but <\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">just <\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">later you realize that that is the moment when the real adventure begins<\/span><span class=\"NormalTextRun SCXW235661846 BCX8\"> \u2013 in both a good and bad way<\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">.<\/span> <span class=\"NormalTextRun SCXW235661846 BCX8\">However, d<\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">odging some <\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">rookie<\/span><span class=\"NormalTextRun SCXW235661846 BCX8\"> mistakes is <\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">sometimes <\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">sufficient as a<\/span> <span class=\"NormalTextRun SCXW235661846 BCX8\">first step towards success, and<\/span> <span class=\"NormalTextRun SCXW235661846 BCX8\">hopefully<\/span><span class=\"NormalTextRun SCXW235661846 BCX8\"> after reading <\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">this <\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">brief guide<\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">, <\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">you <\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">will be properly prepared <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW235661846 BCX8\">for<\/span> <span class=\"NormalTextRun SCXW235661846 BCX8\">jump into your next <\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">business <\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">venture<\/span><span class=\"NormalTextRun SCXW235661846 BCX8\">.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-74f6abb e-flex e-con-boxed e-con e-parent\" data-id=\"74f6abb\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0ec8540 elementor-widget elementor-widget-heading\" data-id=\"0ec8540\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">6. Your Pitch Perfect Is Not So Perfect<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-717b1cd e-flex e-con-boxed e-con e-parent\" data-id=\"717b1cd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2ba02b3 elementor-widget elementor-widget-text-editor\" data-id=\"2ba02b3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">As Benjamin Franklin once said, by failing to prepare, you&#8217;re preparing to fail. If you want to get the investors on board, you need to get their full attention first.<\/span><\/p><p><span data-contrast=\"auto\">One thing no investor will forgive you of is a lack of preparation for the pitch and poor pitching skills. The mere reason for organizing a pitch is to examine whether you have a clear vision of your idea and action step plan to make it come to life. Not thinking through what you are going to say before meeting with potential investors usually leads to not being able to convince the investor to support your idea and failing in your attempt to get funding.<\/span><\/p><p><span data-contrast=\"auto\">With that in mind, you should strive to make your pitch as intriguing and amusing for the investor as possible, which can be achieved by:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5291a35 e-flex e-con-boxed e-con e-parent\" data-id=\"5291a35\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b901c79 elementor-widget elementor-widget-text-editor\" data-id=\"b901c79\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul style=\"font-weight: 400;\"><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">making your introduction intriguing and personal<\/span><\/b><span data-contrast=\"auto\"> \u2013 the chances for your potential investor to become interested in your idea is to tell a story about it and make it as personal as possible. If your idea is inspired by the problem you have experienced, share it with the investors and likely they will see the depth of the solution you are proposing.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">emphasizing how your startup will change the world<\/span><\/b><span data-contrast=\"auto\"> \u2013 you do not have to aim for the entire world but do your best to show that your idea will have a significant impact in a certain area.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">explaining the execution of your project<\/span><\/b><span data-contrast=\"auto\"> \u2013 for investors, it does not matter how good your idea is if you do not have a vision of how it is going to be achieved. Therefore, make sure you make a clear plan of action steps which can be easily presented.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">staying engaged <\/span><\/b><span data-contrast=\"auto\">\u2013 staying present and actively participating during the entire pitch may seem unnecessary to say, but sometimes it might be crucial for developing good initial communication with investors. Don\u2019t hesitate to show your passion and faith in your idea and keep a positive attitude during the entire pitch \u2013 you might be surprised how contagious good energy is.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6705422 e-flex e-con-boxed e-con e-parent\" data-id=\"6705422\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-06130eb elementor-widget elementor-widget-text-editor\" data-id=\"06130eb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW44628626 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW44628626 BCX8\">Another mistake you should never make is to go to the pitch unprepared for the potential investor\u2019s questions<\/span><span class=\"NormalTextRun SCXW44628626 BCX8\">. Although the pitch is <\/span><span class=\"NormalTextRun SCXW44628626 BCX8\">mainly intended<\/span><span class=\"NormalTextRun SCXW44628626 BCX8\"> for you to introduce the idea, interested investors will <\/span><span class=\"NormalTextRun SCXW44628626 BCX8\">probably have<\/span><span class=\"NormalTextRun SCXW44628626 BCX8\"> some <\/span><span class=\"NormalTextRun SCXW44628626 BCX8\">additional<\/span><span class=\"NormalTextRun SCXW44628626 BCX8\"> questions for you. So, be also prepared for a discussion as well, besides the presentation.\u00a0<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>In our journey of assisting numerous startups with legal services, guiding them from ideation to the scale-up phase, we&#8217;ve observed common pitfalls that, with the right guidance, could have been easily avoided. With this in mind, we aim to provide valuable insights to aspiring entrepreneurs, offering guidance on how to navigate the startup launch successfully. [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":68305,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[110],"class_list":["post-46428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information-technology-en"],"_links":{"self":[{"href":"https:\/\/zuniclaw.com\/en\/wp-json\/wp\/v2\/posts\/46428","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zuniclaw.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zuniclaw.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zuniclaw.com\/en\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/zuniclaw.com\/en\/wp-json\/wp\/v2\/comments?post=46428"}],"version-history":[{"count":12,"href":"https:\/\/zuniclaw.com\/en\/wp-json\/wp\/v2\/posts\/46428\/revisions"}],"predecessor-version":[{"id":68548,"href":"https:\/\/zuniclaw.com\/en\/wp-json\/wp\/v2\/posts\/46428\/revisions\/68548"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zuniclaw.com\/en\/wp-json\/wp\/v2\/media\/68305"}],"wp:attachment":[{"href":"https:\/\/zuniclaw.com\/en\/wp-json\/wp\/v2\/media?parent=46428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zuniclaw.com\/en\/wp-json\/wp\/v2\/categories?post=46428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}