Why more than 90-95% startups FAIL even before they could take off? The problem is NOT in the idea, the problem mostly lies with the Founder or the Founding Team
To Kill your Startup Business, you can choose any or all of these:
1. ASSUMPTIONS :
You may think you know the other's mind, you know the market mood. You think things will go as you have planned on paper. You assume a lot. You think your competitor is selling 1000 items a day and if you open the business then you'll be able to sell 1% (10) items a day, looks simple and fantastic BUT what if you are NOT ABLE TO SELL even a Single item in a week/month?? This is the market reality & is absolutely different, market runs on numbers/figures; not on your assumptions.
2. EXTRAVAGANT :
Spending more than its required and that too on the things which are not-urgent or not needed. Founders think they have enough money to keep the business floating for sufficient time. What's the definition of "Sufficient Time"?? The reality is when its time to run operations, you are out of money. You are supposed to be Stingy as much as you can to save the money for big battle and getting the work done in as little as you can.
3. FORGET CUSTOMERS:
Think of a person who wish to become an Actor and surprisingly rather than practicing & sharpening his Acting skills, he is spending a lot of time in GYM. What is he doing?? He was supposed to be an Actor not a Bodyguard ! In a similar fashion, a Businessperson must always think of ACQUIRING CUSTOMERS and nothing else. Customers are Business. Customer give you the money so that you & your people can eat food.
4. AVOIDING EXPERT OPINIONS / MENTORS:
Coach was saying to him, don't play like this else we'll lose the game but he thought he knows everything and did so and final result, disaster, the team lost the game. He was thrown out. Similarily listen to the experts, mentors, advisors who have extensive experience in Business. A mentor knows what to do, when to do, how to do and if you don't listen & do what your instincts say, you are going to be doomed for sure 100%
When it comes to Business, don't Trust your instincts, don't assume. Always trust proven Statistics, Numbers, Facts, Figures
