Why do startups fail?
90% of startups fail.
Before starting a startup this is one of the daunting stat that is triggered in mind of a startup founder.
So let me try to decode why 90% startups fail
1. Focus: Startup founder begins with an idea, but when the idea is tested there are 100 things that come out. What should we do as a startup founder which one to continue, which direction to go now. There comes a time when one idea becomes 100 ideas that is where startup founder loses his focus and gets distracted. It is thus poignant to stay focus, maintain a backlog and follow prioritization.
2. Product Market fit: Building the product without knowing who is your customer. Customer is god, so before jumping into starting a startup one must analyse "who".
My question to startup founders: Who is your customer.
3. Team hiring: Hiring is fundamental for a startup. Founding team along with initial employees is what keeps the car running in the initial days. So its important to stay lean hire horses for courses.
4. Marketing and sales: Building a product user loves is fundamental for startup but reaching out to user, positioning your product and selling it is equally important.