So you once ran a successful lemonade stand on hot days out on the front lawn of your house…move over Warren Buffet, there’s a new big dog in town.
It is no secret that most startup businesses flounder, with some estimates putting the number as high as nine out of ten. So what are the majority doing wrong, and what can we learn from the mistakes of unsuccessful startup founders the world over?
Well, the number one reason for failure as cited by a company that analysed 101 essays by failed startup owners, taken from Fortune is:
…the lack of a market need for their product.
…many startups build things people don’t want with the irrational hope that they’ll convince them otherwise.
That seems obvious enough, right? If it was cold outside and no one wanted lemonade you probably would have learnt that the hard way. What other factors play a role in curtailing the successes of the new kids on the block?
Good points to keep in mind for all you entrepreneurs looking to go solo. Much planning lies ahead, lest you fail and end up back in your parents’ basement making the best out of life’s lemons.
[source:fortune]
