Main Street Monday — Common Reasons Small Business Startups Fail

July 6, 2015

By Bob Coleman
Editor, Main Street Monday

I ran across this eclectic website that allows Founders to share with the community why their venture failed — While the stories are about the tech world, the results are insightful and match many reasons explaining Main Street doors are shuttered.

The number one reason on the list of course is, “Ran out of cash.”

Here are more:

We didn’t obsess over it, we didn’t love it.

Rarely had conversations with the end-user.

People just weren’t excited about the idea.

Lack of problem-solution fit, no real team, too much ego.

Wrong approach, wrong target market.

Complex and buggy product

Not something that people wanted.

Lack of financial & operational controls.

Tasted success with concept, but could not secure financing.

We didn’t solve for distribution.

Wrong place, wrong market

Could not clearly explain our product in 3 seconds

Cofounder disagreements

Finally, I like this one the best, “We were naive idiots.”

Read more at the website.