#236 Why are startups failing?
Episode description
Shownotes:
The reason so many startups fail is that people think too much about their business and not enough about their business.
What that means is, they don't go meet new people or spread the word about their business.
Here are the three reasons why startups fail
- Costs and pricing
Most startup founders focus too much on growing their business and not enough on funding it.
This means they don't go out and spend a lot of time on lead generation, spreading the message.
- The improper teams
Successful teams don't focus on building the wrong team. It has a lot to do with people.
If you want to have a successful startup, one of the key elements that I have found is that you should be curious about both people internally and externally.
Being curious about your employees' well-being, i.e., treating them as people rather than just as employees, will help you discover their potential and include them in building the culture of the company.
- Insufficient market demand
Many people think that if they just push on and keep doing more and more and more, building new products, creating new services, reaching out to new markets, but if they don't focus on the people aspect, their startups will fail.
At the same time, if you just focus on business growth, you will forget about the people's needs.
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