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Udacity: Why Startups Fail: “The Mistakes We Made Boiled Down to One Thing”
Many startups fail by not validating their ideas early on with real-life customers. Entrepreneurs need to get out of the building and validate their ideas with actual customers. Only by searching for the real pain points and unmet needs of the customer, can you find a proper solution supported by the proper business model. Remember, it doesn’t matter how passionate you are about your idea and how great you think your product will work, all that matters is what your customers think of your product.For example, according to Business Insider, the startup Dever failed because they focused on ”on building the accelerator while minimizing our contact with users and customers.” The founders reasoned that they “knew how great it (the product) was and time spent talking to customers was time we could be hacking!” In a Lessons Learned blog post, the founders shared that they “should have focused more on customer development and finding a minimum viable…