What Determines Whether A Startup Will Fail Or Succeed In The Market?
Kim & Todd Saxton
Clinical Professor of Marketing
Associate Professor, Indiana Venture Faculty Fellow
We’re both very passionate about enabling the innovators.
Kim & Todd talks about how the entrepreneurial journey involves navigating uncertainty rather than taking risks. They talk about how if you can handle uncertainty and create opportunities as well as create challenges then you’re in a better position to not just navigate but to take advantage of that uncertainty to create a positive inflection point for your business.
They also talk about the two main reasons why startup fails – one is the lack of good market fit and the other one is they are running out of money. Market fit refers to how well a company fits into its target audience. It’s also known as customer fit or product fit. If you don’t know who your customers are, you won’t be able to create the products they want. You may think you know what your customers want, but if you don’t test your assumptions with real customers, you could end up building something nobody wants.
Startups fail because they lack a good product/market fit & they are running out of money.
The importance of learning how to navigate and address the uncertainties and unknowns when you start a new venture.
Having good discovery skills is important for startups.
As organizations become increasingly complex, innovative, and fast-paced, they need leaders who can build strong relationships within their teams and across organizational boundaries.
Most companies talk about their need to transform. They understand that they must change in order to succeed. However, few companies actually take action towards transforming. Agile has become the new normal in business.