In 2020, the failure rate of startups was around 90%. Research showed that 21.5% of startups failed in the first year, 30% in the second year, 50% in the fifth year, and 70% in their 10th year. Stats like these can make a startup founder or a venture capital investor feel like things are a bit bleak, but perhaps there is a better way.
There are ways to avoid failing like setting goals, doing accurate research, loving the work you do and not quitting at the first sign of challenges. These all sound easier said then done, but the recipe for success can be just that simple. Let’s dive into some of the main reasons startups fail.
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