Millions of startups are being created over a year, and the rate has been increasing. The amount of startups being created now is higher than it has even been for more than 15 years. Although there are more startups, there is also more failure. In fact, 80% of startups end up failing. This blog post is not designed to discourage you from creating and launching your startup. Instead, this blog post is designed to talk about the 20%, and how they avoid becoming the 80%. The startups that fail often make these 3 mistakes. If you are making any of these 3 mistakes, then you need to get these mistakes fixed so your startup can move forward.
- Not having any statistics. Do not play your startup by chance. You need to know when your startup is doing well or not so you can determine how to improve your startup. You need statistics that tell you about your demographics, customers, daily visitors, and clicks just to name a few.
- Trying to do too much too soon. Many startups want to get themselves on the map as quickly as possible. The problem is that most of these startups give themselves unrealistic goals in order to get themselves on the map faster. The unrealistic goals end up not getting accomplished, and not being on the map simply adds to the frustration. Understand that it takes time to become successful, and although you need to put in the work to make your startup successful, giving yourself unrealistic goals such as going from newbie author to bestseller in 1 month squanders growth.
- Trying to do it all by yourself. Most successful startups started as an idea, and the people who came up with the ideas hired assistants to make their lives easier. Although Oktay Caglar, Eren Bali, and Gagan Biyani co-founded Udemy together, contacting Udemy will result in an assistant answering your message. These three people needed each other to turn Udemy into a reality and needed assistants to keep Udemy running smoothly.
With startups on the rise, it is easy to imagine that your neighbor, friend, or colleague will think of a new startup idea. Whether you or someone you know created their own startup, it is important to remember these three mistakes that make most startups fall into the 80% category. By avoiding these pitfalls, your startup (or your friend’s startup) will be more likely to fall into the 20% category.