5 entrepreneurs share reasons behind failure of their startups

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1. ​HiTechLaundry.com:

1. ​HiTechLaundry.com:

It started in 2011 in a bid to provide complete cloth care system. The owner said the reasons behind its failure were: He started alone without a team, lack of domain experience, lack of passion to solve the problem.

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2. Taskican:

2. Taskican:

The entrepreneur started it in 2012 to provide local services to the common man. After initial progress, the owner had to shut shop due to: Lack of team; no funds to hire people and scale up, lack of technology, burning money too much

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3. Imbindass:

3. Imbindass:

The owner stated initially the business did fairly well but failed due to more expenses than sales.

4. Holistix:

4. Holistix:

The founder said due to lack of market research, unable to identify the target audience led to failure of the startup.

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5. Leadership failure:

5. Leadership failure:

One entrepreneur who did not name the startup said his startup failed because: unable to execute plans into actions, terrible employees, could not identify goals, no direction.