As an umbrella statistic, 9 out of 10 startups fail. In this unfortunate 90%, construction and information-based startups tend to have the lowest success rate.
These businesses can be run by driven, knowledgable founders — however, if the product presented to the market (no matter how innovative or well designed) isn’t desired by users, then it’s destined for failure.
‘Every optimistic entrepreneur needs a dose of reality now and then. Cold statistics like these are not intended to discourage entrepreneurs, but to encourage them to work smarter and harder.’ — Neil Patel
So what is it about the 10% that…
A founder can have an amazing product, one they’ve refined and raised capital for but still do not gain any real traction when they launch. Why is that? Well simply, they’ve done their due diligence but forgotten (or failed) to get their target audience excited.
Often, in all the formalities of developing and refining ideas, actually selling it can be totally lost. Good copywriting practice is essential in getting your audience, engaged and ready to follow your journey — even if your product isn’t perfect.
Even if your competitor’s product appears ‘better’ than yours, strong sales through solid copywriting in…
We’ve all heard stories of overnight success in crowdfunding, where a product like Pebble or Ouya gets millions of dollars in funding, becoming a wildly successful business. Entrepreneurs use crowdfunding for proof of concept, early validation, and even pre-orders. So it’s no surprise that on days when approaching investors goes wrong, the potential in crowdfunding seems like the light at the end of the tunnel.
Nevertheless, keep in mind that for every successful crowdfunding campaign, thousands go bust. So before starting a crowdfunding campaign blindly, make sure you know everything to make an educated decision.
What is Crowdfunding?
Crowdfunding is a way of…
Launching your digital business seems like an all-consuming mix of excitement and nervousness. Sometimes, to our detriment we assume that our potential users share this feeling with us. But the truth is, working tirelessly on your app and uploading it to the app store isn’t enough. People don’t just use apps because they’re available. In a saturated market where innovation and uniqueness seems to be never-ending it takes more than just a great app.
A user base won’t fall into your lap, it’s even tricky to capture a seemingly willing target audience into engaging with your product. To successfully launch…
Embarking your entrepreneurial journey makes one painfully aware of the resources needed to create a successful business. You’ll encounter complications in hiring a team, managing budgets or troubleshooting development issues. Building a team that has the right skills but also shares your company ethos can make or break you in the end — that’s why you need to consider your options carefully.
Asking for recommendations and looking for collaborators nearby is usually the first thing any aspiring entrepreneur would consider. …
Why competition is good
Any aspiring entrepreneur looking at the success of big tech companies like Facebook, Instagram or Snapchat is likely to feel intimidated to just compare their own idea with the success of big players. We can agree that the gold rush is over. We won’t see another Facebook, Instagram, Snapchat or other massive tech company in this industry. It’s not even worth trying to replicate their success in the same way they achieved it, but that doesn’t mean that the industry is dying. …
Through our work, we meet many founders who don’t have a technical background. What they have is an insight into ways in which they could use tech to solve a problem they’ve noticed in a part of their life. There’s Thomas Foster, who after years of working in the hospitality industry started Attender, or Jackie and Josh DeNutte, a couple who wanted help with their date nights and realised they weren’t alone, and therefore they created Spark. One of their worries is how they’ll work with developers when they don’t understand one line of code.
Successful tech companies aren’t built on motivation alone, but by testing the viability of the idea behind the business.
Just as with any entrepreneur, we know that the excitement of coming up with a brilliant business idea can fuel your motivation for months. Nevertheless, successful tech companies aren’t built on motivation alone, but also on testing the viability of their idea and pivoting their services to better suit market needs.
As many as 90% of startups fail because of a lack of market need and the same can safely be said for apps. With over 5 million apps (and counting)…
Concepts that foster change, upend the status quo and give new life to industries, are always discussed and disputed to seemingly no end. And that’s to be expected, considering that The Economist lists at least six conventional industries that have been eviscerated by digital innovation in the past two decades: music, video-rending, books, taxis, newspapers and clothes retailing.
Whenever change menaces the status quo, there’ll be those that want to keep things exactly the way they are. Furthermore, in an entrepreneurial world where everyone’s racing to build the next big thing, the one thing that will reshape the industry, a…
