5 Reasons Why Startups Fail and How to Avoid Them
Building a startup is not risk-free. Any newly launched businesses are predominantly vulnerable to failure during the first few years.
Building a startup is not risk-free. Any newly launched businesses are predominantly vulnerable to failure during the first few years.
Let’s face it. Not all startups succeed after they create their business. According to the Australian Bureau of Statistics, more than 60% of small businesses or startups stop their operation after the first three years of their business.
As a startup, every mistake is critical to your company. It can affect your company and its product, reputation, and overall success of your company. And besides, you probably do not want to end up with the 90% of startup companies that fail, right?
You just started a new business but reached the point that you have no clue what to do next. You have an idea of what you want. However, you do not know how to execute it or have little to no funding to do it. That’s when you realize that you could use a little advice and direction.
Everyone needs a little boost when building a business, financially or ideally. This is why accelerators vs incubators has been popular with solo entrepreneurs and start-ups these days. They provide new business owners opportunities that they cannot attain on their own. They help them grow their business and give them an idea on how to further improve it.