I like articles that explains complex things in simple words. This is an example of such an article. The first point is the main reason for everyone who fails and not only entrepreneurs. Thanks for writing this David. Cheers.
As I think back to my many entrepreneurial endeavors that failed (e.g. post mortem of a failed product), several clear themes come to mind. It isn’t that any one issue or challenge was the culprit, rather there were a number of items that colluded together. Also, most were within my control and I still failed.
Here are five simple reasons entrepreneurs fail:
- Not giving it 100% – it’s hard enough to succeed when working on something full-time that entrepreneurs working on an idea part-time are even more likely to fail because they won’t make enough progress to figure out how to make it successful
- Premature scaling – resources are scarce so a self-inflicted death is more likely when staff or resources are added before a business model is found (see startups shouldn’t hire a VP of Sales)
- Building product in a vacuum – customer usage is oxygen for…
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