Why startups fail!
Startups really try hard, sometimes too hard. I've always had a startup going, let me share with you some mistakes I have done myself, some I have spotted along the way and now that I am more experienced, definitely what not to do.
Here are some of the main reasons and watch to watch out for.
1. Weak Management
2. Bad presentation
3. Company story is all wrong
4. Poor communication
5. Cash flow issues
6. Market problems for your product
7.Untested market / or Oversaturated one
8. No customer validation of your product
9. No proven sales
10. Inexperienced CEO/Founder
Startups are vital, lets face it, without them we would have no companies at all. Google were a start up, Apple, Facebook etc, and some of the newer huge successful companies like Stripe, all started somewhere. So don't be afraid. Just get things right from the start. I always maintain you should use experienced people when you can. Get an interm Ceo or experienced leader in, do a deal for shares or even an agreed monthly payment. Ask this person to help with building a business, ensuring presentations and the message is correct, introduce you to funders.
Overall a lot of startups ( I've done this too) get way too involved in the initial day to day stuff, and lose sight of the bigger picture. Experience is great, it allows you to look back and say ooooh, I see that now.
Sometimes it's the small stuff, but mainly important things like new hires. product validation, fund raising, income earning and ensuring maximum exposure for your business, are the things you really need to focus on.
Say hello to us here anytime at skehoe.com and we would be delighted to help you.