Why do startups fail? We often get answers like “poor management” or “money ran out.” The real reason startups fail is founders build a product no one wants. Moreover, they find a solution to a problem no one has.
Management
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A manager friend often says, “I can’t solve a problem if I don’t know about it.” That’s his way of encouraging colleagues to inform him of issues as they arise.
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I’ve worked with entrepreneurs a long time. One was an Army Ranger in Vietnam, another was a motorcyclist with a ponytail. Despite stylistic differences, successful entrepreneurs always have a vision and a plan.
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A friend’s family company manufactures customized products. A customer called to say that delivery of his order by Friday was critical. The receptionist checked, then replied that standard delivery should arrive Thursday. On Thursday, only two of five boxes arrived. Unhappiness ensued.