Startups fail all the time. For the founders of these businesses, it can be heart-breaking. But if the right lessons are learned, it can also be a profoundly insightful experience.
Of course, the best possible outcome is not to fail at all and build a successful, scalable business. And the best way to do that is to know what common pitfalls to avoid. Don’t get us wrong, there’s still room for failure in that model, but it’s at least the right kind of failure. Forewarned is, after all, forearmed.
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The infographic below provides some useful insight around what you should look out for before leaping into the big, scary ocean that is entrepreneurship. While some of the reasons for failure, such as “No Market Need” are obvious, it’s interesting to see just how important a good team (of both employees and investors) with a common vision can be:
