A graph from CB Insights in the U.S. shows the top 20 reasons that new businesses or business startup fails, and one of the first reason is that there was never a market for their product or service in the first place; in other words, they never really had a business. It’s only a business if someone other than your mother will give you money for your product or service.
According to CB Insights, who analyzed 101 failed startup businesses, the top ten reason that new businesses fail, are:
No market need
Ran out of cash
Not the right team
Were outcompeted
Price/cost issues
Poor product
Needed/lacked business model
Poor marketing
Ignore customers
Product mis-timed
Lose Focus
Disharmony on Team and Investors
Pivot gone bad
Lack Passion
Bad Location
No Financing & Investor Interest
Legal Challenges
Don’t Use Network/Advisors
Burn Out
Failure to Pivot
