From lack of product-market fit to disharmony on the team, CBInsights has broken down the top 20 reasons for startup failure.
Top 20 Reasons For Startup Failure
- Building a solution looking for a problem, i.e., not targeting a “market need”
- Ran out of cash
- Not the right team
- Get outcompeted
- Pricing/Cost Issues
- A “User Un-Friendly” Product
- I got this product. Now I just need a business model
- Poor Marketing
- Being inflexible and not actively seeking for using customer feedback
- Release product at the wrong time
- Lose Focus
- Disharmony with Investors/Co-founders
- Pivot Gone Bad
- Lack Passion and Domain Expertise
- Location, Location, Location
- No Financing or Interested Investors
- Legal Challenges
- Do not use your connections or network
- Burn Out
- Failure to pivot when necessary
Don´t fly blind and better check your readiness to start and grow a new business.
Challenge your clarity of objectives and your briefing
It seems self-evident that the most important part of a brief is a clear description of what the aim of the brief is. Yet, this is consistently the weakest area of written briefs. It is often confused with overall business, brand or marketing objectives, whereas the single most important content section is the communication objective itself. Some briefs simply describe the sales target without any thought as to the role of communications.
Your briefing is key to success
The format should reflect the company’s beliefs about how communications work and therefore what is important enough to be included in the brief.
- Where are we now?
- Where do we want to be?
- What are we doing to get there?
- Who do we need to talk to?
- How will we know when we have arrived?
Read further and find a briefing template.