My brother and I both did some reading over the weekend! He wrote a great post yesterday on IBM’s top 5 predictions for the future while I came across the tweet below. The blog in the tweet is an aggregation of 14 startups that failed and then whose founders wrote about their failures afterwards. All 14 “post mortems” were fun reads to see where they went wrong, how they would do things differently, and how long it took each business to fail.
I encourage you to read them but if you want my highlights I have listed my 4 below! Hope you learn something from these as well!
#1 #Startup #Tech: The blog was only about tech startups. I really wish I could find a more general type of blog like this for all types of businesses. Like why retail stores fail or why a consulting firm shuts down. Probably same lessons but less hashtags. And who doesn’t love hashtags?
# 2 Ultra Goals: Some company goals were similar to this “make the world a friendlier place”. JEEZ that’s lofty… How do you measure that?
#3 Trying to go VIRAL: A majority of these companies were going for the social, mobile, viral successes that make great press releases on TechCrunch. What happened to boring styles of business with revenue and profit? Like B2B businesses…Yawn! (there’s my bias showing).
#4 FREE users know squat: Many of the founders admitted to receiving “wrong product validation”. Meaning they would get free users to say “oh snap, cool product dude, i’d definitely pay for that” but then never paid for it after the team built out the product. My opinion is if someone isn’t paying for something, their feedback is useless
— Dan Martell (@danmartell) January 25, 2014