Home – New Forums Starting your journey 90% of startups actually Fail Reply To: 90% of startups actually Fail

  • Total posts: 20

I agree with most that “Fail” is a strong and loose word. What is the definition of fail in this context? Failure to achieve your business goals, failure to make 1 million in your first year, failure to be number 1 in the sector? Actually what the author is talking of is the need for research into why startups fail rather than why they succeed. I believe 60%-80% businesses fail because they just run out of money. Sooner or later the entrepreneur realizes that without additional resources you simply cannot grow. Running out of money is just one aspect. There is the time sacrificed, loss of income if you are working on it full time, emotional stress and family pressures. Whichever sector you go competition is rife and not all good products or services “make it big”. There are so many products and services which have a similar offering to ebay, paypal, MYOB, facebook, but they dwell in the shadows. It is about having the right attitude and being at the right place at the right time with the right kind of people in your network. Suddenly magic happens. Everyone sees something in it for them – the investor, the entrepreneur and the customer. Win – Win – Win!

Yes – sometimes things don’t quite click and I agree that you now have newly acquired skills which will increase your chances of success in your next venture. But is is important that you are not obsessed to be like Richard Branson or next Bill Gates.