You can be an entrepreneur or a wantrepreneur and you never ever want your startup to have a horrible death, and the study says over 90% of the startups fail within the first year and it’s just continuing like the Sunrise and sunset, a startup business is a dream of someone with a vision to change the world (at least the city he lives) with a product or service to sell and with a reason to make a living out of it, but over 90% of such energetic startups fail and founders don’t know how to fail proof their startup business.
The world and media will speak about the most successful startup which puts millions of dollars into the pockets of investors and founders, but no one bothered about the startups which are failing, of course, one should embrace the failure with responsibility, but what if it can be avoided? is there is a method of fail proofing? is there is any information available on the failures and reasons?
Here comes the lifesaver, We found a study of CB insights and they were spot-on with the reasons for the failure, with the information of CB Insights, we interviewed startup founders and investors to found out the strategies they used to fail proof their startups.
CB insight, a data analytics firm conducted a post-mortem of failed startups and according to the study they have seen rarely one reason for the startup failure, they found a pattern in the reasons and following are the top 20 reasons for the startup failure. Thanks to statista.com they have compiled the study into a beautiful infographic.
Image Credit: Statista.com
We, at advisor.lk, taking the top reasons into the consideration, designed a series of fail proofing ideas to strengthen your startup and look forward to life-changing reads about how to fail proof your startup business. Await for the interesting and proven methods of fail proofing your startup.