Why Do Startups Fail

There is no doubt about the lack of people with entrepreneurial mindsets. However, the problem is that when it comes to startups the rates of successes are few and far between. Almost 90% of new startup businesses fall flat within the first six months or one year. Hence, we need to find out the reasons as to why it happens. There could be many who could give some bit of business start up advice but is it relevant to startups or is it going above their heads. Let us try and find answers for the same over the next few lines. It will also help identify the bottlenecks when starting a company and ensuring that it moves in the path of success.

Insufficient Market Need

42% of startups fail because they have identified products or services which perhaps do not have the right kind of market need. They could have worked out on a product and service based on their own assumptions and perceptions. The same may not be the case as far as customers and other stakeholders are concerned. The solution to this is to read more and get as much information as possible from various sources. You must understand the importance of research and understanding the customers’ mind and pulse before moving forward.

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