Why you shouldn’t start a startup
10 reasons why you shouldn’t start a startup
So you are all excited, because you are launching a startup that will change the world. Hold on for a moment now. Don’t get too excited. Check out our list of 10 reasons why you shouldn’t start a startup first.
- Idea? What idea?
A novel idea with little to no competition is a key component to startup success. Unfortunately, coming up with a startup idea that no one else has noticed is, at this point, almost impossible. The essence of the idea drives everything forward; it is the holy grail in business. However, an idea is not all that is needed for success. An idea combined with successful execution is something that can change the world. So, what do you do when that light bulb moment seems like it’s just never going to arrive? Don’t worry, the world has a ton of problems, just waiting to be fixed.
- It’s a marathon.
Generally speaking, it can take a good 3 to 5 years to get your business to the point where it’s solid, sustainable and making you a decent income. That’s years of hard work and often not much money. Like actual marathons, startups are a long journey that takes hard work, endurance, dedication, sustainability, balance, and strategic incremental steps. Also, both are somewhat a voyage of self-discovery. It is a battle that begins in your mind, and most people don’t even see the starting line of entrepreneurship, being defeated by the hurdles that they can only see. So, do you have the stamina to get to the finish line?
- Fear of failure.
Sadly, data shows that about 90% of startups fail. That’s 90%. If you are having hard time understanding it, try to imagine the following: you launch a startup, work without limits, the startup might or might not get funded, you will be stressed all the time, it will likely take a toll on your health and there is a 90% chance you will fail eventually. You get the picture right? Still, these statistics are not here to frighten you but to show you that failure is normal in the startup world. Moreover, it is accepted as a learning opportunity. You may start 5 businesses before you realize a true success; the first 4 will be just valuable real world learning.
Read more: eu-startups
