The infancy of a startup involves a lot of searching. Startups talk a lot about pivoting, changing their mission or product to suit the market ahead of them. What may have seemed like a great idea in theory for a startup can hit a wall very fast in practice. However, despite all the assurances that a company can pivot and change in the future, decisions that its founders make at the very beginning will still have a profound effect on whether the startup actually goes anywhere.
The LIFE (Learning Incrementally from Failed Entrepreneurship) project conducted a survey of European startups on the problems, challenges, and failures they encountered during various stages of their development. LIFE divides this development into four phases – Discovery, Validation, Efficiency, and Growth. It provides a snapshot into the obstacles that entrepreneurs face at different stages.
Earlier we looked at the supposed skills gap in European tech. This time we’re looking at the mistakes startups make in their formative days when it comes to founders and defining one's mission statement.
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