This post is meant to aggregate reader lessons on why your business failed. A lot of startups don’t get past first year of operations. This question would be relevant to only people who actually tried and failed. A lot of entrepreneurs have learned lots of lessons from their previous failures and have moved on to startup successful businesses.
Some reasons for startup failure:
-Wrong people working on the right idea
-wrong hiring hence poor management
-Too many dependencies for your business to succeed
-Wrong business model
-You may have also been behind competition
-You were swallowed by the competition
-You gave up because you were cash trapped
-Maybe your investors pulled out
-Approach to market was not done right.
SHARE YOUR FAILURE LESSONS WITH READERS IN THE COMMENT BOX. whatever your reason for folding up your business, we would like to hear about it. You can also share this post with an entrepreneur who can share his or her lessons with us.