Successfully growing the company continues to be one of the biggest challenges that face Founders/CEO’s. According to research by cbinsight compiled into an article on fortune.com late in 2014, 90% of startups each year fail, however the big question remains, how do CEO’s leading the charge at their fledgling company prepare themselves and their team to stand the best chance of being one of the minority – those that succeed?
Fail Fast & Fail Hard
One of the biggest oxymoron mantras especially in the tech world is that failure is all right, its not a problem as long as you embrace the failure and come back stronger next time. The problem with this approach is simple, unless you analyse why you failed the first time and change your approach, how will you actually be stronger the next time.
Out of the 90% that do fail the number one reason is recorded as simply ‘No Market Need’, lets put that another way, no customers wanted what the startups thought they did, or at least the marketing didn’t do a good job of persuading them it was the next ‘must have’. After all to quote the late Steve Jobs, “A lot of times, people don’t know what they want until you show it to them.”
Not All Product Is Made Equal
The truth is clear, what seems like a great idea in our head and heart might not actually be that billion dollar market opportunity we all hope for. Delving a little deeper into the statistics the top 20 reasons for failure, six of the reasons can undeniably be directly linked back to the product (No market need, Outcompeted, Pricing/Cost, Poor Product, Ignore Customers and Product Mis-Timed), although arguably all of the reasons do really.
That’s a lot of doom and gloom to absorb and process, however, is this not the reason Startup Founder/CEOs buckle down and try. We try to overcome adversity, we try to be stronger than the neigh-sayers, the unbelievers, the risk averse. Without those willing to push through this boundary we wouldn’t have some of the greatest advancements of the modern age.
Give Your Product The Leading Edge
Here at Coggins Consultants we believe there is a way to mitigate the failures of past startups. By directly addressing the third highest reason for failure from cbinsight, ‘Not the Right Team’. So many times we have been called in and been presented with fractured/dysfunctional Product Management teams, or worse, a world class team without the empowerment or respect to have their voice herd, often calling out these failure points – with solutions, to unheeding/unsympathetic ears. With simple but clear advice and guidance from Coggins Consultants we have been able to successfully manoeuvre businesses that were heading in the wrong direction back on track.
If you run a startup or even a more established company and any of the above is ringing true with you then please take a look through our Services Overview PDF to preview what we can offer and get in touch for a confidential no obligation discussion by emailing email@example.com