The #1 Reason on Why Products Fail

Created on 2016-01-11 05:04

Published on 2016-01-17 10:00 –

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.

By Rajesh Soundararajan

#Author #CEO #Dad #Engineer #Entrepreneur #Farmer #Humanoid #IQ156 #Marketeer #MensaClub #MBA #RoadTripper #Photographer #Tech #Volunteer

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