The main reason behind the failure of startups is clear: they simply fail to offer a product or service the market wants. This was the cause cited by 42 percent of the entrepreneurs for the closure of their business in the cases examined by CB Insights.
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startups don't fail because they're startups. They fail because of the founders.
Although there mya be many reasons for a startup to failil, of the major one's is,.sadly, there founders.
A startup is nothing more than a small room full of people, all working on an idea. If something goes wrong, it's not the room's fault. Those four walls didn't hire the wrong guy, or spend too much money, too quickly or take bad decisions. The people inside them did.
Thus we can say that most startups that fail, fail because the founders lack the self awareness to do the following:
- Realise the problem in the idea and change things up: Yeah, not all ideas are a gold mine from the start, we need to refine them, but founders may get offended on just the idea of changing things.
- Seperating their ego from their work: Yeah, when any problem with business is taken as an attack on the founder, the business is definitely headed downwards
- Realising that they do need help: Most startups start alone or in a small group, as they grow, they need to hire and get more and more help, but sometimes its hard to let go all the control, thus a problem is born
Thus, for a successful startup, you obviously many things, but self awareness is one of the most important one.