Updated: Apr 11, 2020
Many of my friends started companies but failed. The company encounters failures in several forms:
(1) It never developed a single sale;
(2) It never developed a business model for multiple sales;
(3) It never becomes profitable and will have to fold eventually after the investment money dries.
Build first, sale later. There, that is the most fatal mistake of nearly ALL first STARTUPS.
Some people have all sorts of ideas about why they will be the exception:
- I have a dream to make a dent in the universe;
- I want to make the world better;
- I want to solve problems for people;
- I want to invent;
- I want to satisfy a latent need.
All these are not reasons to startup a company. These grandiose ideas will never meet a single sale and will not produce a working sustaining continuous company in the end.
Here are the top signs that an idea is bad.
Here are the top signs that a good idea won't turn into good business.