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How to Develop an Ideal Business Model for Startups

According to a recent study, having no business model for a product resulted in 17% of startup failures. Most founders focused on developing a product but they failed to conceptualize a business model for making the product successful. Ensuring that a product fits the needs of the market is only a part of starting a successful business. The other key ingredient is figuring out how you’re going to make money. This is the function of a business model.

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Top 10 Reasons for Startup Failures

A vast number of startup companies fail within the first 5 years. When looking at the reasons for failure, some might seem obvious. In fact, we could prevent many of these startup failures. Usually, it’s not only one reason but several reasons why businesses fail. Being aware of these common mistakes can help founders succeed by avoiding them.

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