Q&ACategory: Starting BusinessWhat are the factors that could destroy a start-up business?
Admin bar avatarRaja C asked 3 months ago

What are the factors that kill a start-up business?

1 Answers
Melvin Wong Staff answered 3 months ago

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 Staff replied 1 month ago

I hope my answer above was helpful. If you need more help, please post here or you may open a new private question.