That might be the least understood and communicated reasons, but it’s easily the most important.
- No market
- Run out of resources
And those three reasons account for easily 90% of the causes.
Now, what there is overcome by a great product? In fact, none.
- If the team disagrees with the direction the company is going or just can’t keep putting in the effort, they’re done, despite the product
- If there is no market for what you have in mind, or more likely, you can’t acquire and secure it, why on Earth would you build more than the minimally viable?
- Until you have a business model or funding, no amount of a great product will keep you from still burning cash and time.
Your job, as a founder, is actually to avoid 1, 2, and 3 until you crack the market and find a model or funding to keep going.
Most startups put too much time and effort in the product. Most founders are too fixated on the product they want or the affirmation they have that it’s right.
And as a result, most ventures experience teams that fall apart, discover they’re wrong, or run out of resources.
Build as little as possible that can on its own work and persist. Be viable.
Most founders don’t do this. Even if they think they do, most aren’t.
An MVP could be something like a newsletter. You convert people, it grows, and you can get a sponsor. In your space: MVP.
And an MVP such as that is truly an MVP. It proves you can convert, grow, and make money. It will in and of itself subsist and live on. And most importantly, it gives you a market to develop.
But most founders want to build their thing. Most want to prove they’re right by showing people want that thing.
That’s not a company. That’s lunacy.
Companies build what the market wants. They invest minimally in determining that and then they iterate.
Find a team committed to a mission and vision, do the marketing to determine what people really want and will pay for, build the least viable thing you can, and make money.
Now you can get started on your thing.