There are so many reasons why a business could fail
If I was to create a list, we would be here for a long time. However, here are some from my own personal experience
- One of my startup failed because I was solving a problem that people didn’t care about or the problem was not big enough for my target audience. They were not willing to spend money to solve their problem so there was no business model.
- Another business failed because I was not passionate about the industry aka my target audience. Yes I loved my idea and the product i built, but that wasn’t true for the target audience I was serving.
- I am a startup mentor in Dallas and I have seen many startups fail because they launch without building a community. Don’t spend all your time building the product, start building your community from Day1, In other words, don’t ignore marketing.
I believe if you want to build a successful business, here are the 3 questions you need to answer for yourself
A) Am I solving the right problem
B) Are people willing to pay for my solution
C) Can I find these people at scale