Most startup failure statistics are intimidating to say the least. The successful startups do get a lot of airtime across print and digital media alike. And that’s fair enough, because those publications, like us, as humans are always looking for stories of success. A success story that was achieved by overcoming something or solving something or helping someone.
My last few years of research on successes and failures of startups, led me to many articles, case studies and books; and at the end of all of it I can personally precipitate this in the following points (poeents! 😂) in no particular order including some HINDI puns!
- Raising funds too quick. नोट का मालिक बनने के लिए उसे कमाना भी पड़ता है 😂
- Pride, Arrogance. ज़िंदगी झंड है फिर भी घमंड है!
- Wrong, inadequate Mentorship-advice — Drowning Buffalo — गई भैस पानी मे 🐃
- Short Motivation, Focus, No Clear Methodology — Frogs!-जिंदा मेंढ़कों को तराजू मे तौलना काफ़ी मुश्किल है 🐸
- All dreams and data but no specific expertise — फर्ज और फ़र्जी मे एक मात्रा का अन्तर होता है 😂
I also read an interesting “startup postmortem” study by CB insights which summarised 20 reasons why startups fail. [Sample size 101 startups, published in November 2019]
They are below:
Image credit Article ** “Since many startups offered multiple reasons for their failure, you’ll see the chart highlighting the top 20 reasons doesn’t add up to 100% (it far exceeds it).”
The main ones I personally feel are of greatest importance are the five below.
- Market. No market need, poor business model and mistiming.
- Team. Not the right team.
- Marketing. Poor marketing.
- Product. Poor Product quality and/or execution.
- Customer support. Ignored customers.
In my ‘hard’ [काफी करोड़ डूबाये हैं 😂] experience of many failed and few extremely successful startups, the key is, if you don’t fall for the five above, you are much more likely to succeed…
And in the end, the things that will differentiate success from failure are motivation (purpose) mentorship/advice/consulting, commitment, focus, effort (execution), continuous improvement and untiring preparation of success. (WATCH VIDEO)
Best of Luck!
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