Created on 2016-01-11 05:04
Published on 2016-01-17 10:00 – https://www.linkedin.com/pulse/1-reason-why-products-fail-rajesh-soundararajan
This is the last part of the three-part series on Entrepreneurship.
In my earlier article on LinkedIn “8 Reasons to Turn Entrepreneur in 2016“, I had shared the both environment factors as well as the that are conducive towards becoming an entrepreneur. In next article I spoke about “8 Reasons Why Entrepreneurs Fail”.
In this final article in the series, I will talk about the central essence of any start-up – their product. Start-ups today are building more products than ever before. The ill-fated reality however is that the success rate of these products hasn’t changed much. The odds are still heavily stacked against starting a new business and most of these products unfortunately still fail.
And therein lies the crux of the problem. Start-ups pour way too lot of our time, money, and effort into these products. Especially for a first-time entrepreneur, these failures can be a real setback both emotionally and also financially.
You could have any number of reasons that can be attributed to failed ideas. I am not elaborating them as they are self-explanatory.
But they are not the #1 reason why products fail. The Number One Reason Why Products Fail is because – We simply build something nobody wants. The other reasons are off-shoot and mediocre justifications to this core.
The Number One Reason Why Products Fail – We simply build something nobody wants.
Why does this happen?
In my view this largely happens because most-times new-entrepreneurs are fixated to their ‘singular idea’ and fall ‘madly in love’ with that idea. And love is blind. I personally have been a victim a few times on this bias.
I am not talking of “passion for making the start-up successful here”. I am talking of the blind love for the product that makes us ignore what the market wants.
Look forward to your thoughts and ideas.