FAILURES ARE NOT THE MOTHER OF ALL SUCCESS!
Many entrepreneurs think failure is part of success. It’s true but how we can prevent the failure rate?
The top two reasons for startup failures are that the market doesn’t need the product and running out of cash.
Both risks are MASSIVELY reduced by applying the Lean Startup methodology.
Too many startups grow fast before the product is ready and fail because the product was never good enough.
Facebook, Google, Snap, Instagram, YouTube, Groupon, DropBox, and I could go on all started off using the Lean Startup methodology.
Being lean means shipping early, achieving product/market fit by repeatedly trying, and the stay lean until that winning formula is hit.
It took Netflix TEN years before it got into streaming and even when it did, in 2007, it then took a couple more years before it took off. Trying to get it right for over a decade, but once it did it became a US$140B company.
And this doesn’t just apply to tech. McDonald’s was fine-tuned for 15 years by the McDonald brothers before Ray Kroc came in and made it into the most successful fast food company in the world.
The lean periods tend not to make the headlines.
To build a great product you need an iterative lean period. When you hit the gas there will be far more growth if your foundations were built on a very effective lean period.
#startup #skilltrain #launch #business
Serial entrepreneur. Founder of SkillTrain an interactive online e-learning platform based in Europe. Global Speaker, studied at London Business School