Entrepreneurship is the most hyped term of 2017 with starting from a few years back. Everyone thinks to be an entrepreneur you are getting an overnight success with a hot business plan without any efforts or hardwork. This is what everyone thinks and how entrepreneurship is seen from an ordinary person’s perspective. But let me clear in the first place, it’s not always how it’s shown on media and over the internet.
According to Forbes, 90% of startups fail globally and only 10% of the startups rise then we see it on the front pages which make us think that is the real Entrepreneurship and we forget all those 90% startups who failed to reach the peaks. Now, there is a bundle of reasons behind those 90% startups who fail to lead the market and reach targets. I will explain each point to clear up the misunderstandings created by the media about the Entrepreneurship.
Lack of Support:
The first time you started to create your startup and it’s a visionary idea but you know it’s not bringing the money to table in the first place so your own family, friends & people will not support you. If you are already earning via some other sources then that’s awesome because you won’t be dependent on your family, if not then you will have issues. Now, imagine your own family is not supporting you so what’s your loss? Figure that yourself. This is not the must case but happens all the times and to be honest happened with me when I got into the online career.
Not Enough Money:
Each small and big business is run by money which covers all the costs. Even, if you have your startup or a new business idea so it will cost you a lot to make it thru the right path whether it’s a physical product or digital product it will cost you. You won’t get investment from the corporate people in the start of your business because of lacking results. You will have to show some results in order to convince the investor to give you funds and as you know those results will take time. That’s why some startups fail due to lack of investment in the right place & time.
Each business requires some specific sort of resources i.e. a good place, technology resources, legal resources etc, whether that is a digital business or a product with physical existence. Let’s take an example, your startup is a mobile application which requires a high-speed internet, international payment gateways, legal support and few more. Now living in the US you may find these things small but there are some countries which lack all of these where startup goes downfall. That’s why due to lack of proper resources startups fail.
Each and every successful business is powered by a powerful team of great minds. Let’s say you are the founder of your incredible startup but you are having a bad team then your startup will fail. Finding the right team for your startup is kind of tricky or maybe easy but when the right team is with you on board, you can lead your business to anywhere you want. There are also certain cases when your co-founder resigns and leaves you in the middle of nowhere because of the above reasons, which makes harder for you to sustain.
The purpose of this writing is to show the other side of Entrepreneurship because the image isn’t created the proper way. Also, I am not discouraging anyone from starting their own business/startup but these are the cases which come and if you pass by then there is no one to stop you from reaching your success point.