Startup culture is growing at a rapid pace with startups developing everywhere across the world. There are lots of positives when startups begin. However the very fact remains that 80% of startups fail within the first 3 years of their inception. It’s harsh but its a reality! There are multiple reasons why a startup fail and some of the major area problems are mentioned here.
1. MAKING PRODUCTS THAT NOBODY WANTS
Nearly half the startups that fail are because people do not need the product or service they were giving. Tackling issues that are interesting to resolve instead of those who serve a market need was cited as the number one reason for failure of a startup consistent with analysis study. Startups fail when they don't seem to be finding a market problem. Building a product while not truly validating the product plan through potential customers may be a dangerous move. And so is building a product that solves a bit problem in a very customer’s life instead of one that is the major pain for them. Bad things happen once you ignore a user’s desires and needs, whether or not done consciously or accidentally.