Top Reasons Startups Fail, iiQ8 create a successful venture or develop existed

The Top Reasons Startups Fail, iiQ8 create a successful venture or develop existed

In order to create a successful venture or to develop an existed one, an entrepreneur should identify the problem he/she is trying to solve, or the area in which value proposition of an existed product or service can be developed.

To understand the business problem, an entrepreneur has to identify the following:

1- The symptoms and the causes of the problem, and how to differentiate between them before thinking of any solution.

2- What is the main goal of the project (profits/growth/market share/optimizing costs/…etc).

3- Who will be involved in the decision making, and what criteria decision makers will follow to move forward with the project.

4- What are the constraints and restrictions that prevent the happening of any process within the project. And, what are the limitations of the available resources and capabilities.

Takeaway: Understanding the problem is key for business success. And choosing the right team partners, mentors, or investors will add a positive dimension to the creation of a solution.

The Top Reasons Startups Fail Most frequently cited reasons for startup failure’

No market need 42%
Ran out of cash 29%
Not the right team 23%
Get outcompeted 19%
Pricing/cost issues 18%
Poor product 17%
Need/lack business model 17%
Poor marketing 14%
Ignore customers 14%
Product mis-timed 13%
Lose focus 13%
Disharmony on team/investors 13%
Pivot gone bad 10%
Lack passion 9%
Bad location 9%
No financing/investor interest 8%
Legal challenges 8%
Don’t use network/advisors 8%
Burn out 8%
Failure to pivot 7%