VENTURE BUILDING: HOW TO LAUNCH A BUSINESS IDEA
Did you know that at least 72% of all new products and startups fail?
While most of us only ever hear about wild entrepreneurial success stories, in reality, launching a new venture is full of challenges and pitfalls. What are so many entrepreneurs doing wrong, and how can they change their approach to become a success story?
Common Mistakes Most Startups Make
One of the most common mistakes startups make is launching a product or service that people don’t need. After working with thousands of entrepreneurs, we’ve seen many startups fall at the first hurdles, simply because their idea didn’t align with market demand.
Alternatively, we’ve also worked with plenty of founders who leverage their existing skills and resources to dive straight into build mode, without setting proper KPIs, clear objectives or discovering their customers’ pain points.
Technical founders are particularly guilty of focusing their early-stage energy into developing working prototypes when in reality, their time would be better spent on identifying the right problem-solution-fit.
On the other side of the spectrum, some commercially-orientated founders invest valuable time and money into creating an extensive business plan. While it’s important to establish a clear roadmap of what you want to achieve and how you plan to get there, drafting a lengthy business plan should not be your first step for launching a new business idea, as it’s often just a list of assumptions that need to be validated on the market.