by Rudresh Pandey
learning from failure is something every entrepreneur needs to do. Start-ups has to avoid failure and this is the most important and the only job they have. so why most start-ups fail? following are few:
Idea has to be really better if it is new and unique!
Narcissism of business idea is the first killer, so get a reality check and try to listen to all. Taking risk is the name of the game but please keep your ear to ground.
Don't lose perspective.
The most common reason for it is surprisingly being over focused and too wrapped up in own Idea.
Out of cash.
Yes! this is a killer... big one... reasons: poor budget, poor plan (or no plan at all...) At time it takes long to raise rounds of funding and burn rate is high so boom!!, or some combination thereof.
Concepts, not complete products.
Ideas and inventions are fascinating, but consumers and businesses generally buy complete products they can actually use. There is a world of difference.
Gaps in the strategy.
Strategy needs hard work and lot of hard work!! that's it.
Partners or the team can't get along.
Often the initial strategy fails that is when this problem starts. Make sure your partners are not to make a quick buck make sure you get committed partners.Invest in your management team.
Competitors with existing solutions don’t give up so easily.
From disk drives and CMOS chip technology to pencils and paper, there are barriers to topple the status quo and, sometimes, old-school solutions that are tried and true and the powerful companies that market them hang in there far longer than anyone would expect.
Complex Market.
Complex Market phenomenon with lots of moving parts that are difficult to predict. Moreover, some entrepreneurs simply don’t think ahead.
Bad advice from the wrong people.
With all the hype over entrepreneurship, the quantity of information has gone way up while the quality has gone way down. That means entrepreneurs are getting lots of bad advice from unqualified sources. The worst thing about it is, when they actually get good advice that conflicts with what they've been told, they don’t recognize it for what it is. Sad but true.
