Why only 5% of Startups Succeed

BusinessUploaded 5 months ago

India has only 37 unicorns [startups which are above 1 billion valuations] by 2021. But in 2021 alone, 36 more unicorns joined. This house fast startups are upcoming. You too have started or thinking to start a startup then this blog will tell you how only 5% of startups succeed.

😡Customers Problem

Startups that succeed always do these two things:

  1. Solve a Burning Problem.
  2. Solve a problem which customer cannot solve himself.

📦Product

Successful Startups don’t launch products and then make the audience. They instead make the audience first and then make the product.

What does it mean? It means that make a product which your customer wants.

If there’s no demand for your product, 😀 either create the demand like mobile phones did or change the product.

Don’t solve a problem, solve a burning problem.

🔭How to identify if the startup is good

Check these points:

  • Are you doing the same as competitors doing
  • How much time would be needed to recover all the money you invested. [ Expansion without margin fails]
  • Is your product used daily or used once in a while.
  • Know who is your decider, consumer, the initiator.
  • Make an Ecosystem
  • Build a Team that can do work for you without your presence.

🎁Bonus

This is the Guru Mantra of the Most successful startups.

  • 😁 What went well
  • ❌ What went wrong
  • 🪴 What could be improved

⚠️Warning

Most startups think of expanding first rather than making the business strong.

So, first, make the business strong and then scale it.

Thanks for reading.