ENTREPRENEURSHIP

Detailed explanation-1: -According to business owners, reasons for failure include money running out, being in the wrong market, a lack of research, bad partnerships, ineffective marketing, and not being an expert in the industry. Ways to avoid failing include setting goals, accurate research, loving the work, and not quitting.

Detailed explanation-2: -The business model is the key factor that leads to success in start-ups. It provides the starting point that allows a company to maximize its profits-the sooner the business model is in place, the better. A viable business model is a key determinant (along with product development) in obtaining funding.

Detailed explanation-3: -A startup is a company that’s in the initial stages of business. Founders normally finance their startups and may attempt to attract outside investment before they get off the ground. Funding sources include family and friends, venture capitalists, crowdfunding, and loans.

Detailed explanation-4: -The concept of a Lean Startup business is all about finding a gap in the market in the most efficient way possible in terms of time and money spent. It’s the amalgamation of multiple techniques that help your new product or service get to market quicker whilst avoiding the development of a product that no-one wants.