The ugly truth in the startup ecosystem – most of the startups are unable to become a profitable and sustainable business. It needs colossal amount of efforts to build a startup that mints money, gains media coverage, has thousands of users or clients and millions of dollars invested.
However there are 4 types of startups that will always fail. Look at these points and see if you are not building one of these.
#1. Startups that don’t solve a problem – The most successful companies were started because the founders faced a certain problem which they first solved and then made it a profit fit. These companies solve a problem that the users are willing to shell their dollars for.
WhatsApp solved the problem of mobile users, the users could message their network without having to pay the messaging charges. The users could message their friends on other phone platforms (Android and iOS), a game changer in the messaging ecosystem.
It is vital to build a product or solution that the users will pay for and shift from their current providers to your solution because it solves a problem that no one else could.
Startups that don’t solve any specific problem will never be able to gain visibility and success nor survive.