Travis Bennett’s team on October 20 covered some tough lessons that failed startups struggled with—so that you don’t have to! As you know, the startup failure rate is extremely high (to the tune of around 90 percent). That’s a scary figure, and it’s worrisome that with a nine out of ten startups failing, few entrepreneurs are looking at the why. One of the biggest mistakes is postponing, postponing, postponing until you lose your momentum or window.
Worse, some startups aren’t even making products people want! There might be a few niche people with interests piqued, but you need a lot more than that for a business. Businesses should be scalable, and you need to “look under the hood” to ensure it is. Simultaneously, your startup should be different—but you need to be explaining why customers need your product or service (they aren’t going to know otherwise!).
Passion is lacking from many startup leaders because they’re chasing trends or potential money instead of their dreams. Still others just aren’t prepared for the monstrous amount of work headed their way. Drive is what gets you where you’re going. Finally, lack of a supportive network and team can bring you down fast.
