First things first, it requires you to specify what type of services you require. As the consultancy service industry is new and growing, there are several companies that offer specialized consultancy services such as IT, management, finance, and so on.
The second step is to choose your startup consultants. Now the next thing I say might intrigue you, but an ideal startup consultancy service to choose would be a startup company that once failed.
This is a universal fact that most startups fail, despite the amazing idea and excessive planning at work. The reason, that these startups somehow lack management in one or other essential areas.
You might not believe it, but research highlights that nearly 90% of startups eventually fail. While 10% of these startups fail within their first year, 70% go down the drain in the next two through five years.
One of the major reasons these new business ventures fail comes from a lack of effective market research and reading customer requirements – accounting for 42% of startup failure. Among other key reasons, conflicts between the founding team and growing market competition resulted in 23% and 19% of startup failures, respectively.
The list of reasons could go long and may vary from situation to situation. From the wrong implementation of ideas and coordination in the team to the lack of resources and funding, various factors come along.
Failures are very common in this startup industry to signify that startup founders are ambitious, smart, and competent people – just like you – who intend to do big in their relevant fields.
What makes them more knowledgeable and skilled is the years of experience they gain. And that’s how the quote by Kiyosaki seems to fit in this situation. The business startup founders may have lost pretty at managing their ventures. Still, they have certainly learned a lot during the process.
These are actually the people who eventually startup providing consulting services to the business by monetizing their experience and skills. While others tend to help you with your business as freelance mentors, collaborating with the former can help you drive through major business aspects systematically.