Clearly, Businesses do fail. Sometimes under tragic circumstances, maybe even personal reasons why key partners couldn’t take part. Sometimes because VCs are playing games and don’t let the founders do the right things suddenly, or investors’ commitment changes.
On the other hand, on items we can control: Right Team, Validating Products with Customers, Teaming across partners, and investors, being frugal on expenses (no villa with 8 founding couples, pot, and having interchanging relationships, etc.) and staff, etc. and some of them also can improve on culture – In effect, we can see very strong startups who can deliver complex stuff well yet they pulled through.
“The reasons for failure include money running out, being in the wrong market, a lack of research, bad partnerships, ineffective marketing, and not being an expert in the industry”, said Sophie Dao, partner at GBS, an investment consulting in Vietnam.
“Ways to avoid failing include setting goals, accurate research, loving the work, and not quitting”, Sophie Dao added.