Every business starts from zero:

- 0 revenue
- 0 followers
- 0 customers

It’s tough and that’s why most people don’t do it.

With time it gets easier (or you get tougher 😅)

The next time you feel like quitting:

→ Don’t.

Keep going.

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💔 Top 10 Reasons Why Startups Fail

I have worked with startups for 17 years (ouch I sound old) and over and over again I see the same 2 things:

1. startups are failing because of the ego of the founder

2. startups are failing because the founder doesn't focus enough on sales

→ Here are the top 10 reasons why startups fail:

🚦: No market need (42%)

💸: Ran out of cash (29%)

🙅: Not the right team (23%)

📊: Get outcompeted (19%)

🤑: Pricing / cost issues (18%)

👎🏻: User un-friendly product (17%)

❌: Product without a business model (17%)

📱: Poor marketing (14%)

😳: Ignore customers (14%)

🫡: Lose focus (13%)

(source: cbinsights)

Let's zoom in on the top 3 reasons on this list:

1. No market need

2. Ran out of cash

3. Not the right team

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🚦: NO MARKET NEED

42% ! Can you believe it?

That’s a lot.

“Build it and they will come” has never worked for anyone.

Do this instead:

Build a super simple MVP.

Get feedback early on - don't build a site, market place, service, program, product, tool or anything without speaking to actual buyers.

→ Solve an actual and tangible PROBLEM.

→ Solve it for a specific customer.

You are building and solving a problem for them. Not for you and what you THINK will be a good idea.

A great way to know this early on is by building an audience.

If you can't build the audience, don't build the business. Build products for your audience.

What you get with an audience:

• The possibility to do constant iteration.

• Constant iteration and quick feedback loops.

THIS my friend is what you want.

Sell the vision to them and ask for feedback. Never stop asking for feedback.

And remember:

"You don't want 10,000 hours. You want 10,000 iterations."

— Naval

💸 : RAN OUT OF CASH

Bootstrap your startup as long as you can.

Start simple.

Far too many people (founders like this reach out DAILY to me) start with an idea and then start looking for funding to work on it.

Without having sold anything, without having spoken to anyone.

THIS IS WASTE OF TIME.

For you and for the investors you are chasing.

Here’s what I teach founders to do:

1. Build your company like an ecosystem with different pricing options; products and services.

2. Build audience so you can get feedback fast.

3. Build multiple income streams so you can sleep at night and avoid stress driving you mad.

4. Start selling as soon as you possibly can.

Build your business after work hours, in evenings and weekends.

Once you get customers onboard, leave your day job and go all in on building your business.

I can't count the number of people I've met the last year who got started like this.

Including myself.

Don’t build for two years and then search for funding to hire salespeople.

Sell, sell, sell.

A founder who doesn’t LOVE sales will struggle.

Pay yourself early. Invest everything else back into the business again.

Build a lean and global team. This is SO doable today. You don't need full-time employees.

Buy services from freelancers, outsource a specific task you have done yourself so you know how the job should be carried out. You will be able to find the right person much easier then.

Run your business as lean as you possibly can.

Grow through organic growth.

Once you learn how, you will never go back.

👂 Did someone say: I-N-D-E-P-E-N-D-A-N-C-E

Think twice before considering external funding.

And if you do decide to look for funding one day; there is no greater leverage than having paying customers and a profitable business.

You will be in a completely different position to negotiate then.

🙅: NOT THE RIGHT TEAM

Hiring the wrong people is EXPENSIVE.

Your aim should always be to:

→ Hire for the right phase of your growth.

If you're an early stage startup, you should skip the Salesforce/Google hire.

They often struggle in a startup environment. It’s very rare that this works out.

And you should also skip the mistake of hiring the “VP of Spreadsheets”.

This is the last thing you need as an early stage startup.

You need people who are hands-on and not afraid of getting their hands dirty.

You need the doers, the go-getters and people who take ownership.

People with built-in urgency.

We are operating in an economic climate that requires everyone to be hands-on, and adapt.

If they tell you they have a playbook that they always use, this is not the right candidate. The market is CHANGING.

What is being built right now is a new go-to-market playbook.

The old way doesn’t work anymore.

Hiring for the right phase of your startup is key.

You can easily go for fractional talent, and gradually scale it up as you go.

Don't oversell the role. Be honest and attract the right people instead. There's a big difference in selling the vision and exaggerating the status of the company.

You will save yourself and the candidate time and headache.

Send me a DM if you need advice on how to find and hire a VP of Get-Shit-Done.

Talk soon,
Hanna 👋

PS. I was featured by Inc Magazine: 10 Characteristics of Successful Entrepreneurs

Whenever you’re ready, here’s how I can help you:

I have 4 main offers:

1. Do it yourself: grab my guides → here

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