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.
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