Starting a company is a huge undertaking, to say the least. There are so many variables that can go wrong, it can leave even the most skilled founder feeling traumatized. The reality is, mistakes are an inevitable part of life (and founding a company). Starting a business is often a case of trial and error, and mishaps are something a well-prepared business owner should be able to handle.
As you can imagine, there are many reasons why businesses fail, but there are a handful of mistakes that happen time and time again for startups. Whether these mistakes are avoidable or not is a relative opinion, but one thing is for sure: mistakes will happen. It’s not a matter of if, it’s a matter of when, so preparation for such events is key to getting through the adversity.
One big lesson to take from this infographic is to make sure you’re able to answer vital questions about your service or product. Ask yourself, “Am I building a product/service that people want?” or, “Am I spending money on unnecessary expenses such as a fancy office or client dinners?” Being able to answer these insightful questions can help you navigate in the right direction and avoid the big mistakes that take startups down.
From not budgeting correctly to choosing the wrong partner or chasing investors instead of customers, these are the top 10 reasons why startups fail.