Top 6 Reasons Why Most Startups Fail

Top 6

Reasons Why Most

Startups Fail

People starting a new business don’t like

thinking about failures.

However, 80% of startups fail within 18 months and the main reason behind this is

not their idea but problems like poor

strategy and funding.

Here we’ve discussed the 6 most common reasons that tend to

drown a startup before it has even sailed properly.

1.

No One is

Going to

Fund Your

Startup

Money is one of the important ingredient behind success of any startup. VCs only finance about 1-2% of the

ventures they see. So don’t fool yourself in believing that you’ll raise money if you need funding to pay your bills.

2.

There Is No Co-Founder

Going solo might seem easy at first but it’s not. All the stress that comes with the workload is too much to

handle alone. Partners are needed to keep the morale and to brainstorm new ideas.

3.

You Ignore Your Customer

Ignoring customers is the fastest way to failure. Don’t guess about their needs, listen to them to know it. Customers have their own

vision about the product and it’s your job to meet the expectations.

4.

Your Startup is in Stealth

Mode for Too Long

Stop waiting to perfect your product before launch. Too much time will change the parameters and demographics you were aiming for. Launch the product and adapt as you move along.

5.

The Team Doesn’t Have the

Competence

A team is what makes or breaks up a business. Hire people who can complement each other’s strength and make up for the weaknesses. You have to attract and retain the correct

people for any chance of success.

6.

Thinking That Your Idea is

Special

Opening a new startup often leads to thinking that your product is

unique while in reality it most certainly is not.

Don’t ignore your

competitors if you want to succeed.

It is important that you spend some time to

understand what went wrong so

that you can work on it.

Take some time to fix what’s broken else you will have

no one but yourself to blame.

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References:

6 Reasons Why Your Startup Will Fail – Asian

Entrepreneur