7 Reasons Why Aspiring Entrepreneurs Fail to Even Start

I was talking to quite a few founders on LinkedIn, Y-Combinator, CoFoundersLab and I have noticed a trend. Many founders have ideas and they draft their ideas, keep on researching and refining their ideas, sometimes hire co-founders or early employees also, but they get stuck, they fall in the analysis paralysis zone and they can’t move ahead.

We help entrepreneurs to come out from the analysis paralysis zone and help in building MVPs at 60-70% lesser time and upto 90% lesser cost.

There are multiple reasons behind this:

1. Lack of fund
2. Lack of confidence to move to the next step
3. Lack of technical knowledge
4. Lack of a proper team
5. Feeling that the idea is not good enough
6. Lack of planning and implementation skills
7. Fear of starting for the first time

Should these reasons stop you from building your dream startup? Definitely not. There’s systematic approach to overcome all of the above mentioned hurdles and many more.

1. Lack of fund: Develop your platform at low cost and increase your runway
2. Lack of confidence to move to the next step: Get someone to guide you and hold you accountable
3. Lack of technical knowledge: Build a technical team or hire a competent technology partner agency to cut cost
4. Lack of a proper team: Hire a competent team with complementary skill sets of outsource some of the work in the beginning
5. Feeling that the idea is not good enough: Systematically validate the idea with real users without spending too much
6. Lack of planning and implementation skills: Get help and learn along the way. Don't let it be a bottleneck.
7. Fear of starting for the first time: Get mentorship or hire a technical/business agency who is expert in taking businesses to the market

I've given brief details of the problems above and detailed breakup of how to solve one of the problems below. You may reach out to me and I can help you with other problems also.

Any product/platform/startup development should go through a systematic process for the startups to be successful:

Ideation + UI/UX:

In this phase, brainstorming sessions should be conducted to generate ideas and concepts for your platform solution. You’ll then be able to identify the desired functionalities. You should then design the user experience (UX) and user interface (UI) to ensure a seamless and intuitive interaction for all users. You should focus on creating a visually appealing and user-friendly platform that aligns with your brand and engages your target audience effectively.

Minimum Marketable Product (MMP):

Once the ideation and UX/UI design are finalized, you may move on to building a Minimum Marketable Product (MMP). The MMP is a testable prototype that includes the core features and functionalities of your platform. Its purpose is to validate the idea and gather user feedback early in the development process. By releasing the MMP to the market, you can assess user reactions, gather insights, and make informed decisions about refining the platform further.

Scale and Grow:

Based on user feedback and market validation, we enter the Scale and Grow phase. Here, we refine the product by incorporating user feedback and adding new features and functionalities. We ensure that the platform evolves to meet the changing needs of your users and industry trends. This iterative approach allows us to continually improve the platform's performance, usability, and value proposition. Simultaneously, we focus on expanding the user base, acquiring new customers, and driving revenue growth for your platform.

If you believe you need help, please feel free to reach out to me, I can share my two cents: [email protected]

Throughout the entire process, our team remains collaborative and communicative, working closely with you to ensure that the platform aligns with your goals and exceeds your expectations. We follow an agile development methodology, allowing for flexibility and adaptability as we navigate each phase.

By following this approach of Ideation + UX/UI, MMP, and Scale and Grow, we ensure that your custom platform solution is not only well-designed and functional but also validated, scalable, and primed for long-term success in the market.

See you on the other side.

fn7.io