Building a business from the ground up is an exciting endeavor. While many entrepreneurs dream of launching their very own startup, few pull it off successfully. Statistically speaking, 20% of all startups fail in the first year. Flash forward five years, and the failure rate jumps to 50%.
This failure rate often isn’t a result of having a bad product or service. Many startups have great, innovative products that have a lot of potential. The challenge is that startups face many headwinds in their early years, especially when they are competing in sectors that have large established brands. Not only do they have to figure out how to draw attention to their product, but they need to do it with limited financial and personnel resources.
