It’s a well-known fact that 90% of startups fail. But why?
- Here’re top 20 reasons tabulated by CB Insights. I may not agree entirely on the ranking as I believe it depends on startups. They only surveyed 101 startup companies. FYI, there are 3 million startups starting EVERY YEAR.
- They missed out a few other reasons such as,
- Lack of effort or persistence – They just didn’t work hard enough on their startups.
- Lack of skills/talent – Couldn’t find the right people with the right skills to do the job. “Not the right team” mentioned above is close.
- Lack of mentorship – Especially when you’re a new entrepreneur. I have three mentors who I still keep in touch until today. Sometimes there are problems/questions that you just couldn’t Google or use Quora to find an answer.