This morning I read an alarming statistic that 95 percent of all new start-ups fail. They fail for a variety of reasons, including the lack of capital, having the wrong people, and questionable intentions behind starting the enterprise. However, they primarily fail because they did not align the offerings of their companies to the needs of the marketplace. Too often we fall in love with an idea, and never test its merits. Round peg, square whole? Doesn’t work.
Good start-ups (and established companies for that matter) adopt an outward orientation that allows them to align resources with the needs of the market place.
Success is as much about passion as it is about planning. It is as much about sleepless nights as it is about attention to detail and sweating the little things.
One more thing – If you can’t tell me your story convincingly, in 60 seconds, you probably don’t have one!
About Hemant Rustogi