Fearing Failure to Start?
Updated: Nov 19, 2019
Have you forever been dreaming of that startup you have always wanted to setup, grow and succeed with but you are afraid of failure?
9 out of 10 startups fail due to lack of clarity and mentorship. Every optimistic entrepreneur needs a dose of reality now and then. Cold statistics like these are not intended to discourage entrepreneurs, but to encourage them to work smarter and harder.
What are the characteristics of startups that succeed?
For now, Let me just point out few of the most significant causes of success.
1. The product is perfect for the market.
Fortune reported the "top reason'' why startups fail : “They make products no one wants.” If you’re going to spend your time making a product, then spend your time making sure it’s the right product for the right market.
2. The entrepreneur does not ignore anything. Never ignore the business process and issues of a company just because it is not your job. Small things can turn into large things. Some of the most important components of a startup are those pesky issues of business process, business model, and scalability.
3. The company grows fast.
Growth — fast growth — is what entrepreneurs crave, investors need, and markets want. Rapid growth is the sign of a great idea in a hot market. If your startup can grow fast, you can effectively bypass some of the biggest startup killers — losing to the competition, losing customers, losing personnel, and losing passion.
4. The team knows how to recover.
Startup teams must possess the ability to change products, adjust to different compensation plans, take up a new marketing approach, shift industries, rebrand the business, or even tear down a business and start all over again. It’s all about recovering from blows. The best way to overcome your fear of failure is to know in and out, what you are getting into, what are the possible challenges and hindrances that may come up and knowing how you plan to beat them!