In the globalized world, where the market is constantly evolving, being able to adapt and to foresee the changes is key to survival. This is the predominant rule for each and every business, but especially for startups.
Although it is easy to follow the stories of successful startup companies, however, each day a lot of startups declare bankruptcy. So, how many startups fail? Based on a wide range of reasons, the approximate percentage of startups that fail is 91 percent.
Despite, the tremendous effort from the entrepreneurs and his team of developers and managers, a startup may fail even without the opportunity to attract new investments or customers. For example, the culture of the company or not meeting customers’ demands might be quite crucial for the sustainability of your startup business. Every example is quite individual, however, it is possible to trace the common trends.
As the saying goes: “Forewarned is forearmed”, that is why in this article we will discuss the reasons why startups fail and what you need to consider to avoid being in the startup failure statistics.