A breakdown on the reasons for a company breakdown following initial growth and traction.
Good Idea, Bad Bedfellows
: The idea and market are there were strong product market fit, yet the invisible, background errors compound. This includes lack of experience in a given industry, partnerships that cannot provide adequate value, unforeseen obstacles in production and distribution. These are not so obvious in the moment, but can be costly when wrongly executed
: There is a balance between releasing a product early for testing and validation the problem space through user research. Releasing too early can create constant pivots and a lack or core market understanding. Iteration can only be successful on an addressable, understood market and customer base. How to avoid?
Problem definition: Rigorous interviews with potential customers to determine
Solution development: After adequate problem research, build a solution around that. Not the other way around
Solution validation: Validate solution with MVP tests
There are few key traits that a founder must possess to achieve success
Persistence. Things can and will go wrong. Most startups fail because the founder/team gives up
Just do it. Learn by doing.
Passion: An enabler for persistence
Bootstrap. Founders must be scrappy and efficient
Grow: Look for avenues for growth