Before you build a website. Before you write a business plan. Before you even tell your parents what you’re doing. Ask yourself one question: Are you solving a problem people actually have?
Beyond the idea, there are more practical reasons startups fail. Polled founders also cited a lack of sufficient capital (29%), the assembly of the wrong team for the project (23%), and superior competition (19%) as top reasons for failure.
According to market research firm CB Insights 47% of all startups fail because there’s no market need for what they’re making.
