Facing the sobering reality that 90% of startups fail shouldn't discourage you—it should motivate you to be strategic. Understanding the common pitfalls gives you the advantage of preparation. Here's what our research shows matters most when launching a venture that lasts.
No market need is the #1 reason for failure
You might come up with a brilliant idea, but lack the proper research to know exactly how the market would react. Research & Development (R&D), as well as Project Specification, will save you a ton of time and resources. These steps will help you specify the project and cover all technical nuances to make the product scalable and stable for ongoing releases. While selecting the wrong idea to innovate represents 32% of innovation failures, outsourcing non-core parts of your project might become lifesaving.
Release faster to get funded
Mentored startups grow 3.5x faster and raise 7x more money. That is why if you lack low-level expertise hire a consultant who is an expert in your niche. This person will analyze your current status as well as all the nuances of your project to provide you with clear planning so you would release on time and quickly get funded.
If you are still thinking that the length of your project’s execution doesn’t matter, keep reading. The deal is that the faster your MVP is ready, the sooner you can get feedback. It means that there is no guaranty your first MVP will be the way it should be. Moreover, after being able to “touch” your product, you might come up with things that just don’t work or do it not in a way you thought they would.
Leverage Expert Guidance
Building a business should never be a solo journey. Connecting with others who have navigated similar paths provides invaluable shortcuts and prevents common mistakes. Actively network within your industry, participate in relevant workshops, and seek out thought leaders who can share their experiences.Consider engaging a dedicated mentor or coach who can provide personalized guidance. Their experience can help you navigate complex decisions with greater confidence and clarity, significantly improving your odds of success.
Do the business and outsource the rest
42% of startups fail due to a long development time because they spread too thin on non-core aspects of the business. We know that maybe this is the least you would want to hear, but there will be the moment when you have to decide what parts to keep in-house and what to pay for or outsource. It's impossible to do it all yourself. That is why as a founder you have to make this decision from the beginning to know exactly what to focus on.
When outsourcing the full technological team, you get a bundle of a ready-to-use infrastructure that minimizes time to start development and solves issues fast.
Simplicity Drives Success
Complexity is the enemy of early-stage ventures. A brilliant idea that's too complicated to implement or explain will struggle to gain traction. Successful founders understand the power of focus—they identify the core value they deliver, build systems to support it efficiently, and ruthlessly eliminate distractions.As you move forward, remember that your judgment as a founder remains paramount. There's abundant advice available, but ultimately you must decide what's right for your specific context. Keep your vision clear, your team focused on what truly matters, and don't hesitate to bring in specialists for everything else.