"Talent wins games,
but teamwork and intelligence wins championships." - Michael Jordan
Every state of affairs –
start-up failure, start-up success, illness, health, hate, love, war, peace –
has an immediate cause. And that cause has an immediate cause. And that
cause has an immediate cause.
It ends at the leaf but it starts at the tip
of the root.
One major reason why
start-ups fail is that the leader(s) of the start-up and the people working for
them are not doing what they are passionate about. Some other reasons include:
Too many founders think that their
idea is so brilliant that their best course of action is to build the product,
show it to the world, and wait for the money to roll in. However, that common
delusion is a major startup killer
to find unsolved customer pain
Plenty of founders refuse to let
anyone see their product until it is perfect. There are plenty of reasons they
make this mistake - they are afraid someone else will steal their idea so they
want to get a big head start, they want to impress their peers, or they are
afraid that unless it's perfect nobody will want to buy it. Failing to get
feedback from potential customers is usually fatal to a startup.
to get feedback on prototypes
It is not possible to work that hard
and be effective unless you believe that your life's mission is to make
potential customers better off by providing them your company's product.
- No passion
for the market
Another big reason that startups
fail is that the founders can't do the thing that it needs most to get off the
ground. More generally, entrepreneurs boost their odds of success if they pick
industries that value the skills at which they excel and love to practice.
- Lack of
skills needed to win
Many entrepreneurs want to build a
perfect product and then dazzle the world with their brilliance. They eagerly
read about how easy it has been for other startups to raise millions of dollars
and think that they will be able to do the same. So they ignore the rate at
which they are burning through cash, and assume that when the day comes to
replenish their cash coffers, investors will break down the doors to write
Even if an entrepreneur realizes
that cash will run out, too often he starts the process too late, goes after
the wrong group of potential investors, and does not present them information
about the company that leads them to want to invest.
to raise capital
At the startup stage, a great leader
should have the charisma and track record to conjure up a compelling vision for
the company and recruit top talent to come along for the ride of realizing that
vision. Starting up is hard to do and if one can't navigate one’s venture
around these problems.
- Weak team,
- Bhavya Bhatia
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