By Angelee L. Carandang | March 25, 2021
The Startup Genome Report researched by UC Berkeley & Stanford found that more than 90% of startups fail. Most entrepreneurs feel like they are on the road to success by doing the next big idea but the reality is you have higher odds of getting a heart attack than building a successful startup. Losing your investment in a failed startup can certainly cause one!
A way to avoid this is to not make the same mistakes that startup founders like myself have already made. An analysis by CBInsights on 100+ failed startups shows that entrepreneurs failed because they did not have the technical expertise to have a proper team, business model, or product. Some of the reasons also attributed to lack of funding or investors. However, it might surprise you that one of the top reasons is the attitude and mindset of entrepreneurs. They did not have the grit and passion to overcome hurdles, and the focus and customer-driven empathy to address the true pain points of their market.
Examples of failed startups from CBInsights:
Technicality ▶️ ScaleFactor ($104M investment loss) used aggressive sales tactics and prioritized chasing capital instead of building software, which fell short of what it promised.
Mindset ▶️ LeSports HK ($1.7B investment loss) shutdown after receiving 30 subscription-related complaints.
Funding ▶️ Arrivo ($1B investment loss) is a LA startup shutting down because it hasn’t been able to secure new funding.
So, how can you become a successful entrepreneur?
🚀 Alex Chesterman founded Cazoo as an online marketplace for used cars directly delivered to your door within 72 hours and is now one of the UK’s fastest-growing technology businesses.
🚀 Johnny Boufarhat started Hopin in 2019 – the world’s leading all-in-one virtual event platform for live online events.
What did they do differently? Due to the uncertainties of the pandemic, Cazoo offered a 7-day money-back guarantee and 90-day warranty. Meanwhile, Hopin created a solution to reduce CO2 emission at events and give access to those who can’t afford ticket prices, with disabilities, or even those stuck at home because of Covid! Their customer-obsessed solutions that considered their societal and environmental impact paid off.
Now, I’d like to introduce to you the best way I found to help you succeed. The School of Agility Grit and Entrepreneurship is an educational platform that takes a holistic approach to the entrepreneurial journey. From ideation to scaling, SAGE will provide you the necessary support to address the inevitable challenges in technical skills, mindset, and funding. They also have a roster of 81 global faculty mentors who can teach you how to avoid mistakes they’ve made in their industry. Of course, your success truly depends on you, but equipping yourself with tools and resources will definitely increase your chances.
SAGE’s vision is to build a global ecosystem of successful entrepreneurs. Are you brave enough to join their mission to success?
Click this link sageedutech.com to start your entrepreneurial journey.