Startup failure is a feature, not a bug
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Startup failure is a feature, not a bug
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Re: Startup failure is a feature, not a bug
#2"Failure is the mother of success." (Ancient Chinese proverb)
The Chinese proverb, 失败是成功之母 (shī bài shì chéng gōng zhī mǔ; in Chinese translation), defined failure as an essential process to success.
This is why in addressing high business shutdown rate, www.flipidea.co is building an affordable business intelligence to help early stage startup founders reduce costly mistakes, make prudent strategies, compete innovatively, and fundraise strategically to build businesses with strong competitive edge.
Through our research, we observed that most new companies failed to identify their problem-market fit before they validated their business to achieve the desired product-market fit, and as a result, they ended up in a highly saturated and competitive market.
Our postmortem data also showed that most inexperienced founders lack the know-how and affordable tools to effectively validate the market and conduct competitors analysis.
“At its core, business is more science than art because its many structural components and processes are methodical, measurable, experimental, and repeatable,” says Paul Lee Co-founder and CEO of Flipidea.
“Founders, even investors, should identify avoidable patterns from past experiences to avoid hindsight bias. Similar to how experiments are tested for desired outcomes.”
Re: Startup failure is a feature, not a bug
#3Totally agree, and this is why the validation process at the early stage is so crucial in finding product-market fit.
Without learning what works, it'll be a difficult haul to achieving PMF.
Many failed by not first validating their ideas and dived straight into the "deep end".
We all know that ideas are cheap and execution is expensive. But what's more expensive?
The execution of untested ideas.