Do you have what it takes to be a startup entrepreneur? Did you know that 75% of startups fail?
It’s rarely easy to build a company from the ground up, but it can be done. A new infographic from Top Management Degrees (shown below) sheds some light on the startup entrepreneur mindset and offers tips and warnings for anyone traveling the startup entrepreneur path.
For example, you’ll find the following list of common and disastrous pitfalls for startup entrepreneurs in the infographic:
- Not knowing the product/market fit.
- Lack of consumer interest (the reason most startups fail).
- Wasting money on premature scaling.
- Renegotiating share of business.
- No exit plan.
Successful startup entrepreneurs wear many hats, and they’re willing to work very long hours for the hope of future payoff. They’re the marketer, publicist, accountant, analyst, researcher, recruiter, trainer, sales person, writer, developer, and more. They also share something in common. They don’t give up.
In the words of Steve Jobs, “About half of what separates successful entrepreneurs from the unsuccessful ones is pure perseverance.”
What do you think it takes to be a successful startup entrepreneur? Leave your thoughts in the comments below. I’ll start by saying successful startup entrepreneurs are laser-focused and have a long-term strategy with specific goals. They don’t let themselves veer off track unless there is an extremely compelling reason to do so. I always tell my clients that a focused brand is a strong brand, and that statement is true for entrepreneurs, too. A focused startup entrepreneur is a strong startup entrepreneur.
You can see the full infographic below.