As an entrepreneur, we all get challenged in environments to establish a new company from scratch with a business idea which we believe into. My rule of thumb was always that one person alone can not achieve, you would require a party of three. The creative mastermind, the sales expert and the financial super brain to ensure you don’t land a Startup Fail.
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I know I do repeat myself, however, oldies are goldies. Back in the year 2016, Lance Surety shared an Infographic which tackles the 20 Top reasons why ‘Startup Fail’ can happen.
Scrolling over the Infographic it seems too easy and clear. It all starts with the creative brain which needs to validate the idea with the market needs. Yes, even if your require it yourself, you need to validate the market and see if there is not a similar thing which does the same or nobody else wants it. Talking to a lot of entrepreneurs I heard sentences like, ‘I can do it better with a lower cost which is an advantage for my investors’.
‘This has never been here before’, yes unique and innovative ideas could succeed if everything goes well. However, did you ever think that other barriers could block your way to success? Simple tasks like building a team, having enough cash flow, extraordinary costs for development or production? Pitfalls on every corner.
But I want to raise my hand and quote one of the most successful entrepreneurs of our time.
Steve Jobs said, Love what you Do! His dream was all about making beautiful products and not maximizing profit only.
Yes, I do agree that this comes in many cases, not as number 1. For me, it is essential to do something which is making you smile every day and lets you wake up in the morning with full charged energy.
Startup Fail can happen very easy because we forget to link all the missing links together. It takes more than a creative idea and one thing we learned from Bill Gates. Marketing is as essential as having all the right timing together. Setting a trend is tough but pays off all your efforts, following a trend is easy and does require only the timing to be set eventually precise.
Have a look at the Infographic, TOP 20 Reasons why Startup Fail.
Dieter, I totally agree with Steve Job when he said we should love what we do and of course this “making beautiful products and not maximizing profit only” this got me.
We are thankful that we all had the chance to learn from Steve Jobs, thanks for your comment Zah
The main thing is the need for a good plan that includes an array of possibilities and the ability to pivot when needed.
I have seen many plans which did not overlook everything which makes it clear that success will not be achievable easy, thank you Elise