5 failure causing reasons startups overlook.
“Anyone who has never made a mistake has never tried anything new.”
― Albert Einstein
In our opinion, don't fear the failure, fear the monotony. The biggest fear of the startups is a failure. In this blog, we have highlighted "5 Major and Crucial failure causing reasons startups usually overlook." Bill Gross, the founder of many startups, has classified the success of start-ups in leading five points, but, we, however, have tried to widen the horizon by stating the five failures causing reasons startups overlook.
According to Forbes studies, 90% of startups fail, not because of the poor business plan, but due to the novelty of the concept, of the product, of the program of activities. Jason Silva rightfully said that "Human beings are attracted to novelty: to probe the 'adjacent possible.' We didn't stay in the caves. We didn't stay on the planet, and soon we won't stay within the limitations of our biology. We move forward. We transcend our limits. We go to the moon, and we create the Internet."
According to you what is the most important thing for a startup to succeed? Give us an honest answer what do you think?
According to Bill Gross's findings, 100% success of the business depends on following factors:-
We are sure that many of you may have guessed that funding is the most important factor for a startup to succeed, but that is not the case.
Like the title suggests, we are going to point out the reasons which startup overlooks causing them to fail in the market. There is no single reason for a startup to fail. It is more like a formation of soil. From the small crack in the rock to the final erosion. These reasons are the metamorphosis, by the time startups realise it is too late.
As a startup, we also feared failure and it filled us with anxiety, so we did a comprehensive study, which we would like to share it with you. Before we start with our research, answer our one simple question.
Why did you start your business?
Because you wanted to answer no one? Or spend more time with your family? Or worst yet, you wanted to be a boss?
These all are wrong reasons for you to start your business, It should be because that is something which drives you, something about which you are passionate about, which could provide you with the satisfaction you want, and you want to take risks.
The reasons listed below are crucial as many tend to overlook and causes startups to fail.
- Wrong Product: - Making a product that no one wants, according to CBinsights, they documented 101 reasons why startup failure. According to them cited by 42% of polled startups, is the lack of market need for their product. The statistics are quite self-explanatory that if no one wants your product it is bound to fail.
- Management: - Time is changing and so is the essence of the management. Gone was the time when companies used to follow the traditional approach to management.
A successful entrepreneur is the one who creates the work environment that motivates and encourages productivity. He/she has the skill of hiring like-minded people and shares the same vision. He follows one of the 14th principles of management. Esprit de corp's a spirit of team spirit. He makes sure that his employees feel like a team rather than just the employees. Some fail to see this problem. As a result of it, the creativity of the individual is not used to its fullest
Let's just get real here. Okay?
You see No website. No authenticity. No plans. No business. Period.
In today's world, if your startup doesn't have a website of its means it has no proof and backing up that it is not fake, it also shows that company is very lousy in plans which in the end provides you with no business. So, if you want to succeed, you should get a website or make today.
Some startups limit the scale of their product and concept to the physical boundaries. In simpler terms don't define your product to local market. Expand it.
- Poor Branding and marketing:-
This point and above-mentioned topic are interrelated. If you don't sell your product well, it will not reach the masses, and the brand won't develop.
Hence, if you watch out for these points in your startups, you would overcome lot many hurdles.