Not all ideas pan out, and these five reasons are usually the reason.
It's a harsh truth to face, but the reality is, not all startup ideas--even the seemingly brilliant ones--end up being the basis for blowout successes. Most of them end up failing, with the entrepreneurs who came up with them scratching their heads about why it floundered.
Though there are hundreds, if not thousands of variables that can influence whether a startup lives or dies, there are really only a handful of main culprits. These five reasons can almost guarantee that your idea won't succeed:
1.You didn't do enough market research. Market research will tell you how feasible your idea is from a revenue-generation standpoint. If you haven't dug in deep enough here, you'll sink almost immediately upon launch.
2.You didn't do enough competitive research. You aren't the only company doing what you're doing. Who else is out there? What are they doing? If you haven't sufficiently planned or prepared for these market-cannibalizers, you'll be similarly sunk.
3.You didn't have a thorough business plan. Your business plan gives you the chance to comb through every inch of your idea's execution, scouting and preparing for weaknesses. If you gloss over this plan, you'll be blindsided when your weaknesses finally show up.
4.You didn't have a mentor, or source of advice. You don't need someone to make decisions for you, or tell you what to do, but you do need an outside opinion to help you get new perspectives on your problems and ideas.
5.You aren't flexible enough. The startup landscape is a volatile and somewhat unpredictable one. If you aren't capable of adapting and reinventing your idea, it probably isn't going to succeed.
Failure is a natural part of entrepreneurship, on a small scale or a larger one, but that doesn't mean you have to accept failure. Instead, you can learn why ideas fail, and safeguard yours against those motivating factors. Stay flexible, get as much information as you can, and you'll stand a far better chance at long-term success.
Bio:
Jose Vasquez is a serial entrepreneur and tech enthusiast dedicated to helping startup technology companies get the direction and momentum they need to succeed. As the founder of Build. Brand. Blast., Jose has established a collective resource for tech entrepreneurs to consult when brainstorming, creating, launching, or expanding a new business. Jose is also the founder and CEO of Quez Media Marketing, a marketing firm that combines technology and creativity to help new and growing companies get the results they need.