Why does early stage startups ( Ideation to Growth) fail to clock revenue ? could be because:
Varun Nair
5 replies
Considering the opportunities and competition, the question is pretty vague, however would love to know what comes to your mind when you have a concept and you find the biggest challenge throughout.
Is there is anything apart from the mentioned 3 options, drop your suggestions.
Replies
Mohammed Imthathullah@imthath_m
I can tell from personal experience what went wrong for us.
Our product idea was good but our execution was bad. We didn't hire the right people and we delayed the product so much that eventually before we completed a few players got established in the space. Without much marketing behind us, we decided to quit that product. One year of work gone to waste.
Then we built an app for iOS and could not get it through the App Store review, because of violating the Guidelines. Yeah, guidelines like that are long and boring, but you have to read them. We hope to make some tweaks to it, remove the controversial part and try submitting again in the future.
I've now released two apps on the App Store and yet to reach the $10 mark for pay out. This time, my issue has been building the product without building the audience and hoping that good products will find a way. No, that's not happening, you have to invest in building the audience at all points of your product cycle, right from generating the idea.
I'm trying to get more into build in the public, so that I can reach more audience.
Share
I don't remember where exactly I've seen it, but there was a survey regarding the most important "ingredients" of a startup success held among successful and not so much founders. The stunning result was that about 80% of successful guys agreed that the most important ingredient is the right timing. While founders who'd failed were not so united in their opinions. They named scarce resources, weak team, no product and market fit etc.
My point is, there is always a huge chunk of luck in business and even if your calculations had been correct, you've got an awesome team and a decent product you still might not become a next unicorn. On the other hand, if the timing is right = luck smiles upon you, your venture might shoot up as a rocket even on scarce resources and with not so perfect product.
@anab wow well answered questioned. I believe its luck, however like you mentioned its a combination of resources, team, and product market-fit that brings in the luck. Could you tell me one more thing, would you be interested to be part of a something that could help you with a community that would fullfill all these, would you be part of?
All i am trying to say a community that helps you to learn, experiment, engage, generate and find the right resources, would you be interested to be part of?
@anab @iamvarunnair haha, we need something to competite with PH right? :p else they will grow a lot and becomes a monopoly at some point where you cant get out of it unless there is an alternative you think about. Consider Linkedin + PH + angellist altogether