It is quite true 90% of startups fail, it is also true that this is scary for someone venturing into entrepreneurship for the first time. But the truth remains that 10% of them succeed, and if 10% succeed, this means success is attainable. This however does not just happen because everything that has a consequence has a cause and if the cause is identified then the solution is half met. Follow this interview by Tal Catran; an accelerator guru known for his impact in ecosystems around the world to discover some of the mistakes startups make and get his expert tips on how to overcome them.
What are the most common mistakes startups make?
Sometimes young entrepreneurs stick to their original idea like it’s their baby. They think that if they find it great, and their friends and family think it’s clever, that’s enough. It’s not. You need to go out and make sure there is someone who really needs your products.
It is all about focus, understanding what’s important and what’s not. Secondly, they have to understand that having a great idea is not enough. Today you would need to show much more than just a good idea, at least an MVP (minimum viable product) for someone to take you seriously. Once they are focused and put in all their efforts, they can approach the market.
What would be your main advice to someone who has a great idea?
Don’t think you know everything. Turn to someone with experience. It doesn’t have to be a guy who has made a billion dollars, just someone who is veteran enough to understand what is going on, form a good team. Start by going out of your office, talk to your potential customers and ask them: Would you consider what I’m offering you as useful? If their answer is Yes, then Great. Would you use it? Yes. Great! Would you pay for it? No? So we have a problem…. Read More
Tal Catran is an Accelerators Guru & Seasoned Startups Builder, Startup Nation & TEDx Speaker and motivator. For years he has explored and mastered first hand entrepreneurship, marketing and business development. Through this process he has become a renowned expert on motivating and inspiring entrepreneurs to face reality head-on and fulfill their potential to the fullest. He has founded 7 accelerators, while mentoring many others, including some in Baltic & Nordic states, Finland, Estonia, Latvia, Lithuania as well as in India and Russia. He mentors three Latvian startups – IT Sapiens, Walmoo and Giraffe360.