I see a lot of people on here (especially indiehackers) talk about how many startups they had that failed.
I see a lot of people on here (especially indie hackers) talk about how many startups they had that failed.
d because they were poorly marketed, or they didn’t market at all.
So, that brings me to the question - what is the TRUE indicator that your startup has “failed”?
When your relationships are turning sour, you feel stressed and when your numbers are down for over two months.
When your passion is gone and you give up.
When you have given up. You might need to try a few things a different way. It’s not failure, it’s delayed success.
Can’t make money week in and out. Period.
When your target market has made it very clear to you there’s no situation in which they’d pay for your services, or when the requirements to make it something they’d pay for go beyond what you’re willing to do.
Too many founders never do the research on whether people actually want the product on offer, and only figure out once they’ve plowed thousands and half a year of their life into something.
Entrepreneurship:
- Translate your “Vision” into business model (see “Business Model Canvas”.
- Build the model. Launch the business.
- Set your criteria for a “viable and sustainable business” within YOUR timeframe.
- Create YOUR planB.
- Bridge the gaps and overcome the difficulties within YOUR set timeframe.
- You’ve reached the most important milestone of your startup. You are now a viable and sustainable business. And hopefully a scalable one. If not PIVOT to planB, sell it, or move on to your NEXT startup.
Entrepreneurship is a journey. Not a destination.
If you worry about the journey then maybe the journey is not for you.
Since many random idiots opine they were never in it for the money, I couldn’t guess what constitutes failure or how you recognize a failure today. Odd, since everybody is so amped about failure today they go out-of-their way to create one.
With any sane metric off the table, I often try asking if they’ve learned anything important. I continue to hold out some hope that included something about the root word of marketing, and not to call any non-paying complete stranger a ‘customer.’
Sill of me, I know.
When nobody buys your product or service
This is the one and only indication in business of any size or life as a consumer. This is the most important thing you need to know. It doesnt matter if youre on the board of directors for a bank. Or you have a small business running from a dusty spare room desk in your house. Remember this.
**You'll only run out of cash once**Why won’t this go bold?
It depends on the sales cycle, of course, but I would say after 1 - 2 months without sales on the market.
When it’s no longer worth the effort. It’s usually obvious. Just use commone sense.