Why did my startups fail?

Why did my startups fail?

Duc Nhan Tran

There are several reasons leading to the failure of a startup. As a founder of some startups, I have learned some valuable lessons. Clopic, which was a startup founded by my passion and I took the responsibility for the whole project, was the startup that I am most proud of. It was not gone with me till the end. There are differences reasons cause this failure, however, I am going to list down three main things that directly lead to the fail of Clopic.

Lack of focus in important periods

I was having a full-time job when I found Clopic. Other people in the team was in the final year of university, so they were all busy with assignments, school projects. We could not spend much time committing with Clopic, and we could not wholeheartedly focus on it. Thus, we were passive in most of the case and we did not take the responsibility. These caused internal conflicts between members and the problems became bigger by time. 

Does not take into account financial issue

If the founders’ vision is the guiding light, the final goals of the startup, money is the blood of the startup. The reason I did a full-time job during the time I founded Clopic was that I need money for Clopic. I thought the money I receive from other jobs could help me run Clopic but I was wrong. When Clopic started to rung, It was like a money-crushing machine. No matter how much I put in, It has gone by a second. So, with a startup that is not going to generate income in 1 or 2 years, you need to be prepared for financial problems.

Always want to perfect product

We all want a perfect product and there is nothing wrong with that. However, a good product does not need to be perfect from the beginning. Google, Facebook, Twitter or Snapchat are all normal product and they were improved by times to suit customers. These companies have proved that having products meeting the need of customers and the market and attractive is more important than a “perfect” product. You cannot survive in the game if you cannot attract customers despite having  “perfect” products. If there was a chance to do it again, I would cut down 70% to 80% of Clopic. Focusing on developing a perfect product at the beginning took Clopic to much time to launch and it became too complicated for using to use with sever function.

Although Clopic was not successful, I have learned a lot. I hope that my sharing is helpful with your startup.

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