Why your tech startup will probably fall According to markflair, inc
Every tech entrepreneur, when starting, wants to think that they have the best idea ever. That may be true for some. In this generation, it’s not the best ideas that win but the ones that are best executed. These are the reasons, according to Markflair Inc, why your startup will probably fail.
Yes, you. Most tech entrepreneurs don’t realize that they may not be the best people to run their companies. Scaling a startup requires skill, something that most tech founders may lack. Take an example of Larry Page and Sergey Brin. These are the founders of Google. They could have run the company themselves but instead, they recruited Eric Schmidt in 2001 to run the company. This is because they accepted their shortcomings and remedied it by bringing onboard a better skilled individual.
You can have the best piece of technology but when you are way ahead of your time, you are doomed to fail. If AirBnB, Inc was founded before the housing crisis in America, it would have failed. It was founded at the right time, when people across the country were looking for affordable housing. Thus it succeeded. The same can be said for YouTube, Inc, which was started when the Internet accessibility was higher than ever at the time.
This is the most overlooked factor in most startups. Every startup requires a given amount of resources to stay alive. You have a better chance of succeeding with a bad idea and a million dollars as opposed to having a good idea without capital.
4. BROAD MARKET
Most startups start off by targeting a broad market, offering all kinds of services, forgetting the most important rule of any tech company- niche. You must have the patience to start small and work your way up over time. A timeless example is Amazon, Inc., which started out as an online book store. Accenture Corp. is a less known company, but a worthy example. It started off as a business and consultancy division of Arthur Andersen. It is now a global giant bringing in $39.6 billion in 2018
We hope this helps in your tech endeavors.
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