I just jumped off a private consultation with several clients. We discussed several specific startup challenges. This was an important session and so with their permission, I thought I’d share a general summary of the things we covered:
Every new business has challenges. You just don’t know what you don’t know.
Here’s a summary of the top 5 reasons we discussed as to why new startups with great ideas fail:
#1: Inability to focus: Great ideas are meaningless without a singular, laser-like focus on execution.
#2: Ignoring the customer: Startups fail when they build products for themselves, not for the people who will actually use them.
