The goal of every entrepreneur is to build a successful business – but stets shows that only 1 in 12 succeed. Why do startups fail? What are the chances of their survival? At the core of any successful business are two things: a good product and a large market for that product.
The aim of every startup is to build a brand name and to maintain it. In other words, a startup should be able to scale. In case of freelancers, the startup is the most important factor and is he or she can gather required knowledge for starting up, he can actually be successful in the long run.
Early stage startups are designed to search for product/market fit under conditions of extreme uncertainty, whereas late stage startups are designed to search for a repeatable and scalable business model and then scale into large companies designed to execute under conditions of much higher certainty.
This infographic by staff.com will help you understand the stets behind the survival of a startup business.