S7 E24 On thin ice? Ten signs that your start up maybe beginning to fail with Jeremy Gray

Episode 24 – On thin ice? Ten signs that your start up maybe beginning to fail. Based on a Forbes Inc article by Geoge Deeb published May 2021 Lost Focus on Primary Goal For some startups, their focus can divert to unimportant factors than the primary goal at hand. A successful startup learns to prioritize its efforts and stay religiously focused on that end goal. Poor or Slow Execution There are startups that begin with innovative concepts but cannot execute them properly. This can be due to a number of reasons—lack of relevant resources, lack of motivation or poor working habits Lack of Customer Engagement A lack of customer engagement is something many early-stage startups face. There are a many possible scenarios in which customers might lose interest in a product or service. Maybe the startup didn't properly research the market to ensure meaningful demand? Poor Teamwork Sometimes, perfectly capable and promising startups begin descending into failure because of differences among team members or lack of effective teamwork. High Employee Turnover Rate If the employee turnover rate is high and recurring, it could be an indicator of a failing startup. There could be a number of reasons why the turnover rate is high. For one, a startup’s culture plays a strong role. Lack of Adaptability Any startup that says it is immune to changes in the market is setting itself up for failure. External market forces ultimately dictate how your startup will fare against changing trends and competitors in the industry. No New Product Development For a startup to stay relevant, it needs to constantly be reinventing itself. Your product development efforts are never done, you should always be striving to improve from version 1 to version 2 to version 3 over time. Unaware of Finances Every good startup should always be aware of its financial situation. But you would be surprised how many entrepreneurs have no clue about their finances, and hence cannot easily predict they are about ready to slam into a brick wall. Creative Block or Stubbornness Oftentimes, a startup’s team gets hung up on a particular perspective or approach to an issue. When things are not going well, it is important to push the team to change their perspective and try something new and creative to solve the problem. Boredom The team getting bored with what they are working on can surely be a startup killer. Early in the startup’s life, the team is motivated, as the venture is exciting to work on, and the team enjoys working towards the success of a startup. Hence, everyone works with dedication and puts in long hours. But the reality is, after the euphoria wears off, it is easy for the team to get bored with their work.

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Link to Forbes Article https://www.forbes.com/sites/georgedeeb/2021/05/03/top-10-warning-signs-your-startup-will-fail/?sh=65175ebb3549