- It takes more than just a good idea for a startup to succeed
- Forbes analyzed 101 failed startups and found that The Top Reason Startups Fail, was the lack of need for their product in the market
- This is often referred to as “product-market fit”
- In most lean startup and early stage business models, this is the entire focus of the “test, fail-fast, iterate, improve, and re-test” loop – to ensure this is in place first before proceeding forward with growth or expansion funding
- Launching a startup takes a lot of preparation and research – make sure you are fully prepared before starting your own
- The following infographic shows the top-20 cited reasons for failure – with products or services that do not serve a market need in first position.
These highlights are from the source article:
Top Reasons Startups Fail