5 entrepreneurs share reasons behind failure of their startups

Failure should also be celebrated like success stories are. Failures give you lessons for life and more wisdom to proceed further.

Failures do not necessarily mean you can’t do it, it’s all about starting afresh with new ideas, zeal and vigour.

For instance, Alibaba’s Jack Ma was turned down by 30 employers but he remained optimistic. He was even rejected by KFC and now look at him. despite his share of failure, Jack Ma did not give up and went on to launch a company which has the largest IPO in history.

Even Albert Einstein, JK Rowling, Thomas Edison, Walt Disney, etc failed multiple times but never gave up. They continued with their efforts and we all know their success stories.

In India, there is a wave of startups and many entrepreneurs are launching their startups. Some have been greatly successful and some have not done fairly well.

In a Quora thread, entrepreneurs share the reasons behind failure of their startups.

They also say failure is the first step to success.

Here are the stories

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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.

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

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.

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.

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