Failure is inevitable when you're an entrepreneur who loves innovation. You hear about success stories, but do you know most successful companies today have gone through many pivots to be what they are now. The entrepreneurs behind them have failed on various ventures before the imminent success. Think again and accept failure as part of the process to being a success.
On average 60% of businesses will fail within the first 3 - 5 years (U.S. Census data), and even 30-40% of venture capital-backed businesses fail financially as of 2016.
You might be thinking, what is going on and why do startups fail than succeed?
Starting a business is a high stakes risk. At the beginning of your business, you won't really know what works and what doesn't. Another problem will be the motivation to keep going months after months, without losing your enthusiasm in running you business. If you look at all the success entrepreneurs you admire today, you'll see one thing is common among most of them, and that is "passion". If you're passionate about what you do, it makes the process a little bit better and less stressful to keep going day in and out with enthusiasm.
So how do you find what you are passionate about and focus on it for the long haul?
There are many reasons why startups fail.
Take a look at this infograph Created by Presitely and see what you can learn about the failures of startups.
Here are some well researched 20 reasons why startups fail. Do the opposite and stay focus on your goals and future projects to defiance the odds of being a failure.
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