Mr. Piyush Seth is the Director of a successful startup, First
Medical Services, that he began in 2001. Though Piyush Seth was lucky
enough to see First Medical Services succeed, many startup owners are
not fortunate enough to see their endeavors take off. If you study the
reasons why many startups fail, you can create an effective guide to
success by avoiding their mistakes. Though each startup fails under its
own circumstances, the following mistakes are among the most common:
- No passion. Though the grand failures that everyone hears about are typically caused by something notable, the majority of startups fail because the founder(s) lacked passion. These startups don’t get popular enough for anyone to notice that they’ve failed. You’ve probably known someone who, for example, put out flyers for a business endeavor, and then it never went further than that. Circumstances like this are an example of a startup that fail because of a lack of passion.
- Poor budgeting. Many entrepreneurs think that they’ll either need much more or much less money than they actually will, and both mistakes can be fatal. By not saving enough, you find yourself deep in debt, and by raising too much from an investor, you put yourself in a legally-dangerous commitment issue.
- Waiting for perfection. Many people take their business ideas to the grave with them because the “perfect moment” never arrived. This is yet another example of mistakes that go unnoticed, but it is one of the most common ways that startups fail.
