This is why your startup will fail

THIS IS WHY YOUR STARTUP WILL FAILwww.dunwiley.co.uk

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Background Many start-up's fail. Nobody argues about that. But do we look at why they fail, and how we can learn from them, rather than reassuring ourselves that we’re somehow different?

These are some of the pitfalls to avoid on the route to start-up success.

Delivering on each of these doesn't be any means guarantee success, but it does reduce the likelihood of failure.


1 - You lack persistence Stop giving up so easily. The 21st Century is one of instant gratification, yet building a start-up takes time and effort.

Keep creating content. Keep reaching out to existing and potential customers. Keep reviewing progress and adapting accordingly.

It doesn't happen overnight.


2 - You can’t stand out from the noiseYou need to be able to acquire and retain customers, and to do this you need to be found. It’s not good enough to have a great value proposition if nobody reads it.

Get your marketing right, then aim for more (of the right) traffic, better conversion ratios and lower churn.

There are thousands of start-ups and small businesses out there, and you need to think about how you will be distinctly better.


3 - You’re trying to please everyoneToo many start-ups try to be ‘all things to all men’. Don’t do this; find a niche, understand their needs and pain points and then build the MVP to secure them as customers.

Constantly changing, modifying and adding custom features to your product can be extremely time-consuming and ultimately damage your user experience.


4 - You don’t take outside adviceLeading a small business or start-up can be an isolating, lonely experience. With this comes the very real risk that you lose perspective and can no longer make objective decisions for the overall good of the business.

Much like larger companies, funded start-ups often establish a board. If you don’t have a board, don’t panic. Approach a number of individuals that you trust and respect and use them as your reference points for large decisions and issues that you’re struggling with.

It goes without saying that those individuals need to have a both a respectable level of experience and a willingness to help you.


5 - You’ve not validated the needValidation. Have you validated your idea? If not, you run a very much heightened risk of embarking on an expensive journey to nowhere.

How many potential customers are there? What problem are you solving for them? How big is their pain point? How will you reach them? Have you talked to potential customers? How many? Will. People. Pay. You. For. This?

Idea Customer Build


6 - You’re all about the idea but not the executionIdeas are fun; they take your brain on journeys of discovery and provide you with a euphoric sense of genius.

But ideas are also worthless. Worthless without the ability to execute. You need not only a concrete plan, but the ability to execute on it. Oh, and also the ability to be flexible and agile when that plan needs to change.

Your idea is probably nowhere nearly as good as you think it is either. Sorry.


7 - You have the wrong people on the teamSmart investors pay huge attention to team composition. Backing an incredibly intelligent team with a good idea but weak leaderships skills often doesn’t end well.

Your team needs to be made up of individuals who are smart, committed, flexible, customer-focussed, believe in the business vision and are willing to admit when they have got it wrong.


8 - You’re running out of cashOh yes. The big one.Running out of money, whether your own or somebody else’s, is one of the biggest killers. To avoid this, plan your finances with more detail and honesty than you think necessary. In terms of expenditure, capture it all. The rent, the equipment, the tea and coffee, your insurance, the buffer for unexpected expenses.

Don’t cut corners in predicting your spend, and you’ll not be surprised later down the line.

Give the same level of attention to your revenue, and make sure you understand it all. Where is it coming from? How much of it is there? How secure is it? When will it arrive?


Conclusion So, there you go. At first glance, this looks line a large list of things to avoid. Sounds negative, doesn’t it?

Don’t think of it that way. This is an opportunity. Assess your business and make the necessary changes to increase your chances of longer terms success.

Head over to www.dunwiley.co.uk to find out more! We’d love to hear from you!

http://www.dunwiley.co.uk/

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This is why your startup will fail