One of the most sobering statistics for start-ups is that (https://lnkd.in/f7KdpHf) only 1 in 2 of them exist at their 5th anniversary.  Consider these three facts:

a. Only 56 % of small businesses make it to the fifth year.

b. 42 % of small business failure is because of “No market need”

c. 82 % of businesses that fail do so because of cash flow problems  

So, what is the secret of those that have made it? It comes down to three customer-focused principles in the early years :

1. Aim initially on a market segment that is neither niche nor mass market

2. Do not wait long to expand as the market opportunity may be lost forever

3. Always remember the need to survive now to thrive ultimately

Jyothirmayee JT, Founder, CEO at HiveMinds, now a unit of Madison World, shares some great perspectives on this vital area.