We all agree to say that it really takes a great idea to make to capture people’s attention and for this success story to come alive their will be several failed attempts.
From targeting the wrong market, not choosing the right team among others were therefore give a general overview why most startups in Uganda are failing, you will have the zeal and determination to be the next Bill Gates which is a very important factor but that is no guarantee to excellence in the startup world.
Here are the top five reasons why startups are failing in Uganda
1. Targeting the wrong Market
One of the main reason why most startups are failing in Uganda is that they try to invent products for a wrong target market.This basically lies down to market research which aspect we discovered most startups tend to assume what the market wants yet in actual sense the market doesn’t know what they need, its just like a nice looking hospital without Patients!!!!!
2. Trying to release a finished Product
Even mothers don’t give birth to already walking babies, We actually don’t understand your product yet, Trying to release a well developed product can be fatal for a startup all you need to do is to develop the main feature and concentrate on testing and developing the core functionality.
3. Growing too Slowly
Most startups just flourish under the radar in fact they actually do exist but still in the little dorm rooms, in that way they face a risk of not ever breaking into the startup world.
Growing a startup is a lot of work but from registering your business, developing a business plan, chasing down potential investors all this has to be done in fact founders have got to be very aggressive at this stage to get the baby off the ground.
4. Having the Wrong Team
The founding member runs to a few close friends with this ground breaking idea and then a startup is born.
Having a team with members of diverse skills can be important at the early stages of a startup but most founding members fail to grow with the company and the failure to differentiate between friendship and a business venture, also a very team members potential should be identified earlier on to avoid mistakes were you wish you would have hired a resource to take care of a role which was wrongly occupied by a colleague.
5. Having No startup Funding
This is Important and i believe many of our readers would rank this as the number one factor as to why startups are failing among other factors and yes you right you need funding to put together the right team from technical, legal, business all these involve funding and since most of the Tech startups are self funded or may not having any finances at all they are set not to go past the baby steps.
