90% of New Startups Fail; This Young Dude Has Got Notes

90% of new startups fail. Here are tips on how you can avoid startup failure:
Issue: Poor Time Management How to avoid: Set goals. Know what you need and where you want to be ahead of time.
Issue: Little to no Research How to avoid: You don’t need to know everything, but know a lot about the market you want to enter and know what customers/users want. The more you know, the better.
Issue: Quitting Easily How to avoid: Every startup has downtimes but no matter what don’t give up. Keep trying harder each time, and maybe even put in extra hours.
Issue: No idea what customers want How to avoid: At a certain point, you’ll just be building features because you want to and not because you think people will really use them. Make sure to put yourself inside of users/customer views when building features.
Issue: Delayed Launch How to avoid: You’ll have to launch your startup/product sooner or later. It doesn’t have to be perfect, you want as much feedback so you can improve your product each time.
Issue: Investing in the wrong team (s) How to avoid: Once you gain funding and/or can afford expanding your team, invest into diverse fields that you need (@PaulYacoubian and @chris__lu) did an amazing job of this! A balanced team will help you thrive.
Issue: Underfunding/Overfunding How to avoid: Underfunding can lead to fatal consequences when building a product as you potentially cannot meet the fees required to build your product out. The best option is to wait until you have enough funding before starting.
Issue: Remember to sleep How to avoid: The early stages of your startup, you just want to hustle as much as you can. However, you need to be prepared daily mentally and you have to give yourself a rest/breaks.
Issue: No Passion How to avoid: You cannot be driven just by the money you will receive by the product you’re building, this can lead to burnouts. Make sure you’re building a product you are passionate about building.
Have anything else to add? Let me know below.
Thanks for reading! I’m writing threads weekly to help you out. Don’t miss out! Follow me @heybereket Help others take their startup to the moon: – Retweet the first tweet
Total
0
Shares

Sign Up for NextBigWhat Newsletter

Daily.