Why Most Startups Fail (How to Flip Your Odds)
It hits you as a flash of inspiration.
It’s AMAZING.
And you noodle on it, A LOT.
Your new product idea feels like a business opportunity. So you decide to go for it. A startup begins.
Yet what follows is no surprise: Your new journey is fraught with the risk of failure.
Pixel art: Knuddles
Less known is that not every startup is exposed to risk equally.
Listen up.
A staggering 95% of new startup products don’t make it.*
Yet 5% succeed. Not just because of CHANCE, but because they do what the other 95% won’t.
Pixel art: Clubber Lang, Rocky Pixel Series (No. 3)
And when your startup’s growth hinges on your product’s success, you defy the odds by doing this:
Begin with the User.
Forget solutions for a moment. Who, specifically, is your customer? What do they truly need and why? “Many innovations fail because they introduce products without a real need for them,” says Svafa Grönfeldt of MIT. It’s not about your idea, you are serving a real person with a distinct need.Embrace Empathy.
Now, connect with your users. Understand their desires, pains, and daily battles. Care about them more than your idea. “A lack of empathy can lead to product failure,” Grönfeldt warns. It’s not just about market research; it’s about human understanding.Validate for Market Viability.
Test your solutions early. Is there a genuine demand for your solution and a way to sell it? Grönfeldt notes “It’s often too late when they realize there’s no market for their solutions.” Don’t wait until resources are spent and hopes are dashed to discover the market’s verdict.
This is innovation simplified. The path to a successful innovation need not be a massive gamble.
In a world cluttered with complexity, your path to success is simpler: understand, empathize, and validate.
Be the exception. Be the 5%.