Over 80% of startups fail due to one cause actually.
The startup is constructed on the incorrect assumptions.
The worst half? They don’t even understand it’s an assumption.
To the founders, it’s a real truth of life and the way dare you problem it.
Look on the numbers under:
Majority of the explanations there:
- No market want
- Running out of money
- Pricing/value points
- Poor product
- Product mis timed
- Pivot gone unhealthy
- Failure to pivot
Are associated to at least one primary subject:
Startups are constructed on the incorrect assumptions.
Why would you launch a product that has no market want?
Because you didn’t take a look at your supply with potential clients.
Why would you run out of money or have pricing/value points?
Because your assumption on what your clients are keen to pay was incorrect.
Why would you will have a poor product?
Because you didn’t construct it with the Customer in thoughts, solely your concepts.
Why was your product mis timed?
Because you didn’t get actual Customer Feedback or sufficient of it.
The resolution is basically easy:
Go out and discuss to your clients.
Figure out what works for them and construct one thing they’d use, not what you imagine they need.
Then why aren’t most startups doing it?
On a excessive degree I believe it’s ego, you need to imagine you might be proper and keen to go all in.
If you zoom in I believe it’s primarily based on lack of correct schooling, misguided by all of the information on in a single day success tales.
Even God took 7 days to construct the universe.
All the perfect!