Why many startups fail
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Why many startups fail

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Why many startups fail Why many startups fail Presentation Transcript

  • Here’s Why Many Startups Fail Photo Credit: http://funnyfails.net/
  • “Failing should be seen as a learning opportunity for you to move on to your next bigger project.” See here for the full blog post: http://www.smartdigitalbusiness.com/sales/why-startups-fail/? utm_source=slideshare&utm_medium=slides&utm_term=slidesshare&utm_content=slideposts&utm_campaign=sshare
  • Introduction: The Customer Development process was developed specifically by Steve Blank,and the Lean Startup theory by Eric Ries to reduce risk for startups, but still, a lot of them fail. Here are key steps from this process to ensure you put them into practice so your startup has less chance of failing. See here for the full blog post: http://www.smartdigitalbusiness.com/sales/why-startups-fail/? utm_source=slideshare&utm_medium=slides&utm_term=slidesshare&utm_content=slideposts&utm_campaign=sshare
  • 1. Prove your assumptions fast! Don’t keep your product “top secret” for a very long time. Joel Gascoigne, founder of Buffer, learned a valuable lesson about this. They tried to launch OnePage years ago. But they soon found out that thousands of miles away, another person also had the same idea and had acquired the domain name ahead of them. This stopped them in their tracks. Someone else might have the same idea as yours, but it’s up to you to work on it and prove that it can be a success. Best to share what you’ re building to others. Their insights will prove to be what you really need in the long run. See here for the full blog post: http://www.smartdigitalbusiness.com/sales/why-startups-fail/? utm_source=slideshare&utm_medium=slides&utm_term=slidesshare&utm_content=slideposts&utm_campaign=sshare
  • 2. The Customer Development Process Do you collect customer feedback? But the more important question is, what do you do with them? You have to understand the type of market that you have. Different startups face different challenges. Are you trying to build a new market with a new product? Or do you want to break through an existing market with a new product? Having a clear understanding of the challenges of these markets can help you increase your chances of succeeding. See here for the full blog post: http://www.smartdigitalbusiness.com/sales/why-startups-fail/? utm_source=slideshare&utm_medium=slides&utm_term=slidesshare&utm_content=slideposts&utm_campaign=sshare
  • 3. The Customer Validation Process A lot of times, startups don’t have the benefit of customer relationships that can be analyzed to really know if a product will be a success once it’s launched. Thus, they have to depend on educated guesses which can prove very risky. Good thing, the founders of Backupify wrote this great post on a great number of customer validation experiments they did and tested, and rated the success of each. This can prove useful for a lot of startups. Be honest with yourself. Building a startup is totally different from pursuing a hobby. Start your own customer validation experiment. You’ll be glad you did. See here for the full blog post: http://www.smartdigitalbusiness.com/sales/why-startups-fail/? utm_source=slideshare&utm_medium=slides&utm_term=slidesshare&utm_content=slideposts&utm_campaign=sshare
  • 4. Learn to celebrate failure. “Everybody fails, and you should strive to fail as quickly as possible and understand that it’s a constant evolution. Hopefully, we can change the perception that failure is bad.” - Sarah Prevette of Sprouter How can we celebrate failures, you ask. The first step, and the most important one, is to change your paradigm & redefine them. Stop considering them as failures, and instead view them as learning curves that’s getting you ready for your future success. See here for the full blog post: http://www.smartdigitalbusiness.com/sales/why-startups-fail/? utm_source=slideshare&utm_medium=slides&utm_term=slidesshare&utm_content=slideposts&utm_campaign=sshare
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