It is not easy to make a successful startup because almost half of the founders do not do what is essential for this achievement—addressing a problem that is troubling the customers. If you have a business idea and you spend your time and money building a venture around it, you may or may not succeed because the question lies in the application of the idea. If it does nothing apart from selling goods, it is bound to fail.
So, what you need to do to make sure that you don’t fail:
- Find out a problem that is still unsolved—try providing a solution to this problem. It could be a product or a service.
- Try figuring out your customer-base—the more specific and focused you can be the better it would be. Starting from a small customer-base is not bad.
- Talk to people—get feedback and suggestions from real life scenarios. Don’t simply depend on online surveys and simulations.
- Talk to your customers—ask them what they want. Tweak your product or service based on the feedback. Don’t sell your product or service and ask the customers for its adoption.
The market is full of startups but a lot of them fail because there is no market demand for the products or services that they offer. It is like setting up a push-cart business of vegetables in a vegetable market—the probability of success is bleak. However, if you could sell these vegetables in housing communities, remote housing areas, you have every chance of succeeding.
You have to innovate on your idea if it revolves around a traditional business model. However, if you are bringing something very unique and previously unheard to the market, you need to make sure it addresses a problem and not simply a fancy way of doing things. The initial success (which you may have) will die down soon.
Looking at some top stories in which some entrepreneurs failed in their ventures, we understand that ideas alone do not pave a way to success. The people who implement the ideas are more important than just the good ideas. Hence we must say that execution is everything when it comes to success in entrepreneurship. In other words, failure is related to the flaws in execution. No one can start with the perfect idea. Nevertheless, success comes at the end following a long line of learning experiences, adjustments, good habits and collective efforts.
Top reasons for entrepreneurs to fail
Inability to understand what ‘hard work’ actually means
In entrepreneurship, we need to work with uncertainties. There is none in the world to give us a predefined set of syllabus or assignments to go about. You must be able to decide what and how you must do. Most entrepreneurs struggle with defining their measures and the shock of getting to know how much hard work these measures demand from them.
Not able to balance between patience and impatience
This is a very important quality that most entrepreneurs lack. You must know where to be patient and where not to be impatient. It is like showing the willingness to walk down the long road while being vigilantly ready to gallop when situations and luck permit.
Never identifying what they are good at
It is said, “Imitation is Human”. Most entrepreneurs go by what is popular than trying to unravel what they are good at. If you have to pursue something that does not come to you naturally, you will be naturally slowed down. Also, you fail to put your abilities and talents to good use.
Thinking of entrepreneurship as a solo sport
Some unsuccessful entrepreneurs are found unwilling to share their equity, workload or their network with others. Success in entrepreneurship does not come because of one person. You must find the right people and deliberate the tasks to them to stay more productive and successful in the long run.
Unwillingness to know what they do not know
It is natural that we do not know everything in life. However, willingness to know what we do not know but necessary to push our way forward is an essential quality that will make up successful entrepreneurs.