Posted on : 2023-06-23 05:01:59
Article : Good evening, Friday management task 247-While everyone advocates entrepreneurship as a shortcut to mint money and get rich scheme, the uncertainty and constant pressure to perform is a huge responsibility even for the toughest of individuals.
Watching something you’ve poured endless amounts of time and energy in, only to see it crumble before you, will hurt like hell. It’ll be like a physical punch to the gut, and it will paralyze you. It’s no wonder that entrepreneurs avoid failure like the plague. A startup can go under for a variety of reasons. While founders can stand around and point fingers at each other, attribute it to forces outside of their control, or just blame bad luck. The reality is that startup failure is from a refusal to acknowledge problems until the ship is already sinking.
The reality of the situation is you are more likely to fail than you are to succeed. If you’re defining startup failure as the inability to deliver on the projected return of investment, then 95% of startups are failures. If you are going to be an entrepreneur then you better get used to failing, it will become an inevitable part of your life. Don’t run from it, embrace it, and see what lessons you can learn from it. By analyzing the post-mortems of various failed startups here are the expected and not-so-expected reasons why they failed and what you can learn from their mistakes. Watch out for those icebergs but there is no greater teacher than failure.
Sustaining a startup is perhaps the most difficult phase for any entrepreneur. While everyone advocates entrepreneurship as a shortcut to mint money and get rich scheme, the uncertainty and constant pressure to perform is a huge responsibility even for the toughest of individuals. According to a 2019 report, more than 5 million startups are founded every year. However, only 10%, i.e., 500,000 of these startups, succeed in the long run. Most of the startups fail because of lack of funds and poor financial planning, or highly anticipated model which is not in sync with the nature and life style of the target audience, poor customer service and subquality of the products, lack of focus and legal disputes. After the failures, startups can bounce back from failure by finding different sources of income to recover from losses, prepare plan with consciousness, wait for the right time for the right opportunities, don’t give up and take actions for your next ventures.
Startups are brainchildren of visionaries which go on to create history most times. Though, nowadays we even have Startup Accelerators to boost startups, but still there are some exceptions to this statement. When we think of food cook and serve based startups, we should recall the pioneers of food tech in 18th century. The application of technology to food innovation forms the core of the food tech vertical. Nicolas Appert's improvement in 1810 of the canning procedure is an early example of food tech innovation. The emphasis was on safeguarding sustenance. The procedure wasn't called canning at that point, and Appert didn't know the rule on which his procedure worked. Canning has majorly affected food tech conservation strategies.
Louis Pasteur's exploration of the deterioration of wine and his portrayal of how to keep away from decay in 1864 was another example of food tech development or food-based startups. Other than examining wine deterioration, Pasteur explored the creation of liquor, vinegar, wines and brew, and the souring of milk. He focused on warming milk and milk items to pulverize food deterioration. In his investigation into sustenance innovation, Pasteur turned into a pioneer of bacteriology and paved way for preventive measures.
We look forward to your perceptive views and comments on this present-day happening topic of start-ups’, please share and post start-ups find outs you might have noticed, in our comments box or mail us. We will share a real time example of a startups those failed and those bounced back after failures in our good morning, Monday management solution for the task 247 on 26th June 2023.
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