Imagine piloting a ship without an accurate map of the local waters. Unless you're a veteran captain familiar with the area, you'd be sure to run into submerged obstacles or wander blindly into too shallow waters and end up stuck on a sinking vessel.
Something similar goes for first-time founders. Without any guidance as to what dangers lurk, you're likely to run into trouble. Thankfully, question-and-answer site Quora recently marked known startup killers with a metaphorical skull and cross bones, soliciting answers to the question "What are the top five reasons why startups fail?" from investors, bankruptcy pros, entrepreneurs, and consultants. Here's the consensus that emerged from the full discussion.
When you don't validate your market aggressively enough, you can’t build a good product. Without measuring, trusting the numbers, tracking, validating, and optimizing the data you get from your clients, it’s not possible to create a viable product in high demand.
There are many other reasons startups fail, but these seven came up as most common when questioning the founders and team members involved with the startup ecosystem. Should your startup fail, it’s worth spending some time to understand what went wrong and learn from your mistakes to make it next time
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There's really a learning curve needed for start ups. It's important to adopt faster.
ReplyDeleteI totally agree with these reasons. It's not really that easy to start a new business
ReplyDeleteI think startin up a business is really like taking a huge risk but of course, with proper marketing strategy, things will fall into place
ReplyDeleteHi, this is such a good infograph, thanks. It will really help people and me too if in future.
ReplyDelete