Answer for What are the factors that could destroy a start-up business?

Hi Raja,

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.

 

Melvin Wong
administrator

Melvin Wong is the Founder of Kodorra. He's an award-winning entrepreneur with global business experience in 17 countries covering U.S, Europe, Asia and South America. Melvin sold his online sports games company to an American/Japanese company in Los Angeles.

Having been a speaker, mentor and judge at numerous entrepreneurship events and competitions, Melvin embodies the “pay it forward” principle where he finds time to educate and assist upcoming entrepreneurs and professionals to be all they can be.