Every year, legions of start-ups come roaring out of the gates armed with plenty of energy, passion and commitment with an innovative new product that will take the world by storm. The harsh reality is that a staggering 90% of them fail. How can so many well-meaning entrepreneurs misread the market?
While the “fail fast and fail often” mentality means many will not give up after one failure, there must be ways to boost the success rate and spread the wealth of entrepreneurial success beyond the first attempt.
The start-ups most likely to succeed have self- taught through different scenarios of failure, and have back-up plans in place, according to Suraj Sudji, of SAP’s Star-up Focus Program.
“It really makes a lot of sense for the founders to be paranoid in terms of what can go wrong, and how they can overcome it,” said Sudji. “And only by having that kind of an attitude, I think, a start-up can really succeed going forward.”