http://www.huffingtonpost.com/lee-schneider/dont-let-your-startup-fail_b_8518574.html
In his post, blogger Lee Schneider explains the challenges that entrepreneurs face when aspiring to create a start-up that will last. Through our discussions in class, I have learned that one of the most important things a product can do is relieve the everyday pains that consumers have. If a product meets a real need in the market, it has a much higher chance of being successful versus an item that just looks cool. “Finding an audience” is crucial when attempting to establish oneself as a competitor in the market. As Schneider mentions in the article, to build a start-up can be a lot of fun, however, sustaining it is another story.
Successful products relieve the pains of their consumers
I myself was quite shocked when Professor Cubbon stated that approximately 90% of start-ups fail. I was not aware of the degree of difficulty that comes with starting one’s own company. However, this became apparent to me when Sauder alumni presented to our class. James Clift of VisualCV failed numerous times when attempting to create a new product, but it did not deter him from entrepreneurial success. Schneider’s blog post is quite useful as it allows the reader to contemplate what is of the utmost importance when attempting to create a start-up. While many start-ups do fail, the ones that succeed give us valuable insight on how to kick-start an idea.
James Clift is the co-founder of VisualCV