In this generation where everyone is coming up with an idea and implementing them with the creation of a startup, very few among them are successful instantly. Most startup suffers its early hiccup after which it may or may not recover depending on the attitude of its owner and a number of other factors. Here, we dissect five very important reasons why the early failure is important for every startup.
You learn to look at needs of the market.
Most startups are actually concerned with building the wrong product. Building the product without actually realizing the need for it in the current market is a very bad move and is one of the reasons why most startup suffers its first hiccup. Most startups do not identify the problem initially. Rather they build a solution looking for a problem. This is why this realization that realizing the problem and actually solving it is the first lesson which a start – up learns after suffering its first failure. And this lesson is indeed very important.
The Correct Team
There have been cases where in order to launch their product early a startup fails to assemble the correct team. In many such cases, a number of team members are actually in interest with the idea of being a part of the startup rather than being interested in the product launched by the startup. Assembling the correct team who share the same passion regarding a certain product is very critical and this lesson needs to be learnt as soon as possible for every startup concerned.
Often the problem with the start – up lies in the founder itself. That is why finding the right founder or co-founder is of added importance. A founder should share a strong passion for his or her startup and its products. Even after initial failure, a founder should not buckle under pressure but persist and fight on. He or she should persist through the tough times. This is because often the greatest lessons are learnt during these times of calamity and failure. Finding the right co-founder who will complement you in various situations is of high value. Do not lose faith in your idea and startup.
Every product has its own correct time when it should be launched. So a start – up should not be hasty in releasing its product. This lesson is learnt through initial failures about the timing of a product release. In the current scenario, a number of products are present to solve the same problem. So an ideal startup should assess the negative impacts of these products before launching its own version of the product thus using competition to its advantage. Timing is very crucial. This timing should neither be too early nor too late.
Talking of Business Models in a Startup
One of the reasons why startups suffer early failure is a lack of a business model. A business model is very important with respect to marketing its product. There must be a business plan in every aspect of customer segment, distribution channels, etc. Again, this learning this lesson through a failure is very important to the health of the startup.