92 % of the startups are successful within the first 3 years of starting?
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Answer:
With the Startup Genome Report citing that within three years, 92% of startups fail, maybe there's something to learn before jumping into your own company. Let's take a look at some common blind spots and how we can avoid them...
Reasons why most of the startups are successful within the first 3 years of starting:
Market: Solving wrong problem There was no problem to be solved.
Product: Solution to problem was not compaling enough for customers to pay.
Team: Founders issues kill startup. Hiring friends and family kill startups. Poeple with same skills, experience and expertise do not help pushing product. You need people with complementory skills.
Distrubution: Making a new product or service is not enough. You need to find customers cheaply. If you get arrogant about supriority of your product and under invest in distribution you end up killing your startup
Money: If you spend to much time in any of the above problem you end up using all your money. No idea is perfect and no execution is perfect. Every startup is a basically a lab where you experiment in above four areas. We learn by iteration. We need capital for iteratons. Ablility to get paying customers before you run out of money is defined as succcess in startups.
Founder apathy: Starting is fun but after some time you will hit road blocks in so many areas. To continue you will need more than just ‘passion’. Thats why starting as solo is double harder as there is no one paddle when founder is having bad day/phase. Startup is is not just another career. It’s many time more harder. Poeple get burn out, dis-illusioned, frustrated. Team should be able to adjust both external and enternal state of other membes.
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