How many Startups actually Fail?
How many startups make it to the end? 50%? 40? How about 10, or even 1%? Have you ever wondered why so many great products fail and how they could’ve prevented it?
You may think that you have such an idea that you definitely won't fail. Everyone thinks this way.
When you are about to launch your own product, it is very important to bear in mind the principles which may lead you to success, as well as to failure.
Unfortunately, not all creative people realize the reasons which prevent them from achieving success. It happens that you hit the wall to no purpose. To avoid that, we'd like to share with you the most important reasons of a startup failure.
Why did they fail?
- Lack of passion. Those who are not keen on their idea will 100% fail. When you have a cool app idea, it is crucial to purely love it. When you love it, you love your customers. And that will only improve your quality and professionalism.
- Lack of focus. Sticking to one idea is a good choice. Knocking on the different doors is a bad one. You have to make up your mind and make a choice. Having one simple focus is better than spreading on different aspects and having no accomplishment in any of them.
- Poor marketing. Not enough marketing campaign may simply make people forget about your startup! building a fan base and making your potential clients anticipate it is the key!
- Lack of specific knowledge. You may not know certain tech aspects and that is okay. But having some basic knowledge about the business process decides your fate. And this is where enthusiasts often fail. They think that the only thing they'll ever need is their idea and the professionals will do the rest. Right, they will do it for you. But those who have some basic knowledge in the field, they see more possibilities and so they succeed.
- Wrong people. Whether it's just bad mentoring or envious people around you, their influence may decide your future. Listen to others, but don't make then decide instead of you.
- No market need. Unfortunately, even the greatest idea may fail without a market need. Always analyze the market before launching something. You have other people's problems and needs firstly.
- Ignoring your customers. Feedback is your everything; if we take a lean startup, customers' reviews help you improve your product later on and realize its pros and cons; seek for criticism, not for praise.
All in all, we can draw a conclusion that your success is determined by such key steps:
- sticking to the path you’ve taken;
- having patience (which means don't scale up when you're not ready to);
- accepting the necessity to listen and observe;
- being driven by passion;
- finding the right team and mentoring;
- launching a lean startup (when the success is already achieved, the startup product is only then improved and reworked = spending budget carefully, not more than the need itself);
- achieving the balance of tech and business knowledge (this combination will guarantee the best strategy for your startup);
It may be really hard to stick to all these steps, and that is okay. What you should do is focus on two of them and you’ll see how the others will flow out themselves. Launching a startup is challenging but the taste of victory afterwards is priceless.
You don't have to be among those who fail. But for this, you should set right priorities.