If you’re going to start up, you are going to fail. This is not a primer to make sure you succeed, as there are many factors that can contribute to failure. But these are the biggest reasons why most startups fail.
When you start up, ensure that you overcome all of these 7 reasons which will increase the chances of success by multifold.
Reason #1 – Putting Revenues Before Customers
This is the single biggest reason why most startups fail. Entrepreneurs do start up and get the first few customers, but are unable to sustain their ventures over a period of time simply because their customers see through.
Never put revenues before your customers. I’m not telling you to ignore revenue opportunities, as making money is the easier bit. There will always be enough opportunities to monetize.
Making a product that customers want is hard. So if you’re starting up, don’t put your bet on a revenue model or a business plan, instead get the core offering out to the customers. Verify whether your idea drives sales. Verify whether your product is really changing your customers’ lives. If it truly does change lives and for a huge number of people at that, they will be ready to pay what you ask them to.
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