5 Reasons Your Start-Up Might Fail

Founding a new start-up is one of the most exciting times of your life, but it can also be one of the scariest. Most new business ventures fail, and many for very obvious reasons. We’re not saying that there’s a tried-and-true way to ensure that your start-up succeeds, but at least with this list you’ll know of some common pitfalls to avoid:

You’re too careful in getting started. Financial risk is a huge responsibility to shoulder, especially when you’re not sure where the funds are going to come from in the future. However, you don’t need to have all those questions answered immediately. You’ll be at risk no matter what, so you should just go for it.

The same sentiment applies to getting your product out there quickly. Often our impulse is to perfect something entirely before we show it to the public, but the longer we hand on to it, the more time we’re not earning money. Release it when it’s pretty good, get feedback (and cash flow) from your initial customers, and release a version 2 later.

One of the best pieces of advice we can give is to get a business partner. Come to peace with the fact that you can’t do everything yourself and select someone who can balance out your skills and your personality. They’ll share the stress and the successes, and will ultimately make your product better just by being there.

Don’t assume that your product has to be 100% original. It doesn’t, and in fact it has a better success rate if it’s not. Don’t wait around for that lightning bolt idea to come down from the sky; take a look at someone else’s good idea that you could make great by your own ideas.

Finally, track your relevant analytics. Each business is different so we can’t tell you what to pay attention to, but make sure your gathering a lot of data everywhere before you find the ones that are most important to your business. Listen to the data and you’ll be fine!