Why Most Entrepreneurs Startups fail
Giving up is the only sure way to fail. ― Gena Showalter
Research has shown that in 2020 almost 90% of entrepreneur startups fail But why are they failing and not achieving what they want? Well, this has several reasons. We can discuss some of the most common reasons why 90% of entrepreneurs startups fail so you can improve these things and it will help your startups to succeed.
Entrepreneurship is not a skill that you just master from your business school. You need to learn entrepreneurship in the real world. But most of the people think if they have good grades in their business school then also their startup will succeed.
But it’s not happening because most of the things you won't learn in your business school are those things you learn from the real world from someone's experience or your own experience.
Being an Entrepreneur is not as easy as it seems, you need to take business risks such as innovating something new which doesn’t exist in the market and you don't know if this will work or not But most of the time it works if you create your product and Understand your customers.
If your startup fails it doesn't mean you don’t succeed in the future. Failure happens in every business, the most valuable thing you need to do if you fail as an entrepreneur. you need to learn from your failure and make sure over a while you won’t repeat the same mistake that you made in the past. Identify what is the reason for your failure if you identify it then work most of the time to succeed in this area of your business.
Doing everything by yourself
Working alone and think that you do it all by yourself is the most stupid thing you ever do as an entrepreneur because if you have 24 hours so how many hours you work maximum let say 12 hours a day If you are just focusing on those things which are not important then this is not worth your time. But If you have some most important things which you forgot while doing some unimportant stuff so make sure not to do all work by yourself just outsource your work in these platforms Fiverr, Upwork if you don’t have an employee.
So you can focus on those things which is the most critical area of your business. This can also minimize your work hours so you decide your productive working hours and focus on just important stuff of your business. Because working more on unimportant things can make you frustrated but work less but focus on important things can also grow your business and increase your productivity.
Don’t have a clear Vision
Having a clear vision of what you want to achieve is the most important thing. Write your vision on paper and see how you can achieve it. What are the different things you can try to achieve your vision? If you don’t have a vision it means you don't know what you want to achieve and what result you need and if you don't know about them then surely you can start a business but you can not become successful in the long term.
Imagine you start a company and your company's financial situation is also good. Your company is growing every year but you aren't satisfied with this Because you don't identify your vision about what's your endpoint and what you want to achieve. so you can say to yourself that I become what I want to become. This will motivate you to set more vision in your life and achieve them.
Vision is the art of seeing what is invisible to others.
- Jonathan Swift
No Matter How Great your product is If you don't know how to market your product. your business will eventually fail. Marketing is the most important thing you can ever do in business.
This one thing can make or break your business model. Most businesses become successful not just because they have the right product, there are thousands of products like them in the world.
But why can one business become successful while others don't? because they target the right audience at the right time. make sure you focus more on Marketing your business and over a while, you can enhance your marketing budget if you are making a profit. because It’s worth every penny.
“The best marketing doesn’t feel like marketing.” - Tom Fishburne
Entrepreneurs need to know this thing before starting their business, so they don't make the same mistake that 90% of Entrepreneurs are making. Make sure you focus more on these things if you are starting a business. This will help your business to grow more and more. Entrepreneurs Startups fail because they don't focus on these things that will make their business successful.
- Doing everything by yourself
- Don’t have a clear Vision
- Terrible Marketing