There are multiple reasons for a startup to fail, however, a startup founder will definitely fail if one or more of the below is true.
1 – You think someone will steal your idea and restrain yourself from sharing it!
The best and only way to safeguard your idea is not to do anything about it and keet it safe with you only.
2 – You are waiting for the product on becoming perfect before launch!
Product development is a never-ending process try to think of one hit product that has stopped updating and adding features.
3 – Your idea worth billions and your initial customer is everyone!
Ideas worth nothing execution does. Try to figure out early adopters of your product after that widen your customer base.
4 – You think an investment is you right as entrepreneur and #investors are fools!
Investment is a by-product not the raw material. Investors (majority) are smart people those have earned money and have already proved themselves.
5 – You focus more on Govt. schemes and funds than customers!
Government is not responsible for your business and is not bounded to match the pace of your startup. Onw you business!
6 – You are too good to take support, guidance or mentoring!
Its always good to have relevant people and subject matter experts by your side. Building a sucessful startup is easier if you are a part of the community!
7 – You know everything about what is wrong with every successful entrepreneur!
The easiest thing to do is tell what someone else is doing wrong. Anyone can screw up anything someone else doing with their openion!
8 – You attend all the startup events without agendas!
Startup events are for startups and the community make sure you study well about the event and make some pointers on how you can leverage it before going.
9 – You think research is a waste of time and you will learn everything on the go!
Research and surveys are one of the most effective ways to lower down risks.There is a high probability that someone across the globe might have already done what you are tying to do.
Learn from their mistakes.
10 – You are bad in cash management/finance and you have not done anything about it!
Whatever you are trying to build its ultimately a business! and has evrything related to finance and money. If you can’t understand finance make sure to have someone in your team who does.
You have an “I am the Boss” mentality!
The early investors in your dearm is your initial team. Make sure you give them a good culture to stay with you and innovate for your startup.
— Is there anything else to add to this list? —
— Anything I have mentioned wrong?—
How do I know this??
– I have done some of the above myself in the past! (yeah I know it now)
– I have a good network of some really smart people and I love to sit on the learning chair whenever I get an opportunity from them!
– I have definitely worked with if not more at least 500 startups from multiple industries at almost all the stages (Not beyond pre-series B)!
– Have seen startups growing, sustaining, and shutting down!
– I have literally gone through and evaluated 1000’s of B-plans!
#startups #venturecapital #funding #entrepreneurship #innovation #founder #fail