Startup success isn't just about the perfect product. Now the emphasis is on speed: faster ideation, faster iterations, faster time to market. Startups are even told to "fail fast." But where do successful startups invest their precious time? And what are the costliest time management mistakes? Here are the top 5 time wasters to avoid.
- Wait too long to pivot. Companies that change their roadmap to meet customer demand are 52% less likely to scale prematurely. (In other words, they don't scale up without making sure there's sufficient demand for their product.)
- Spend too much time on product development. Failed startups focus too much time on their baby (the product) and don't dedicate enough time to customer development or evaluating market demand.
- Don't dedicate time to valuable business connections. 16% of failed startups cite a lack of networking and significant business relationships as a direct contributor to their downfall.
- Waste time getting their product to market. Delays in launching a product, or waiting to launch in order to incorporate non-essential features, was the root cause of failure in 20% of startups.
- Spend too much time at the office. 12.5% of startups say grueling work hours and burnout ultimately led to business failure.
Want to know the other fatal poisons for startups? Check out the complete infographic for details on costly money mistakes and prioritization disasters.
Your turn: What do you think is the #1 factor in startup failure? Share your thoughts in the comments!