WHY MANY STARTUPS FAIL

90% OF ALL STARTUPS FAIL

Many of us today have great Ideas, in my experience, 20% of youths I have met have mind blowing ideas running through their heads. The only but here is, many of these ideas don't make it through to the execution stage, and for some who do, they don't make it past the startup stage.


Here's the scenario, you have a wonderful idea, you have all the marketing and revenue generation systems in place, possibly even a business plan and a power-point presentation, you have also planned your strategy carefully. All this is just a piece of a very big complex puzzle. This doesn't always guarantee success.

         Jason Ndoku said - "Startups don't die, they commit suicide and the owners are usually
                                          the ones who do the killing"


Some of the key factors you must possess to build a successful startup, which are probably the most important, are: - Passion, the right Team, and an External Source of Income.

Passion is what will keep your fire burning till your startup becomes profitable. Passion is that voice in your head that hunts you whenever you think of giving up.

Your team will get you farther than you alone can go - If you want to walk fast, walk alone, if you want to walk far, walk with people. Your startup has to stand the test of time to be successful and it will wear you down if you're alone in it. Your team members should be positive minded professionals in their fields. The fields in question doesn't necessarily have to be an academic field, it could be a track record of success in a department relevant for the success of your startup. Carefully choose your team and make sure their purpose on the team is relevant and well defined. Likewise, if you have the wrong team, that can be a major cause of stagnancy for you and in some cases may force your passion to die.

YOU NEED AN EXTERNAL SOURCE OF INCOME - this is one truth many startup visionaries deliberately ignore with the notion that 'where there is a will, there will be a way'. Yes, you're right by being strong in your faith, but a startup is a business, 'you can't start a business without capital'.
You need something to keep your fuel refilled till your startup becomes profitable and investors start getting interested. What if your startup doesn't make any profit within the first year after launch, Do you give up? You might not get incubation support like others did. An entrepreneur who plans to be successful will plan for the worst and hope for the best.

There's no short-cut to success, neither is there any given formula. It worked for him doesn't mean it would work for her, but nevertheless, if you have this three things right, with God's backing, you are good to go. I wish you unimaginable success.

Think WITTEE! Think Intelligence