3 Factors that can Hinder Product Development for Startups

Converting and ideas to product a humongous tasks and need lot many soft skills, sacrifice and courage in addition to hard core technical skills. There are many Startups and entrepreneurs failed to reach at pinnacle of their work just because somewhere in between inception and implementation, they lost faith in idea, product or themselves and shelves the whole plan along with great opportunity to make something valuable to society.

The current stats suggest that only 5% Startups do survive in their third year and out of those only 2% become profitable in fifth year. However, it is very difficult to digest that out 100 only 2 ideas were worthy enough to survive!

After talking to some seasonal entrepreneurs and looking existing startup data, we have compiled a list of factors those might contribute into ultimate failure during startups lifecycle.

1. Someone will nick your idea

Never scare in revealing your ideas to friends, family, colleagues, VCs, Meet up group or any potential investors. The notion of someone can nick your idea is largely false as converting idea to real products needs lot more than just writing something on piece of paper or verbally discussing it.

Takeaway: Let people dissect up your idea at early as possible as their critique can help you to fill up gaps in your thinking and build a real product that can be monetised

2. Not riding against latest fads

Entrepreneurship is all about riding against the tide, if current trends suggest to go right, you shouldn’t hesitate to go left if you strongly believe that it works in your favour. The gist is if you will try to develop the product by following recent trends, you will more likely to fall, as many Startups try to ride on the popularity of Facebook, Pinterest, LinkedIn and Twitter and ended up creating similar kind of social media platform and subsequently died.

Takeaway: Create a product that solves problem or filling any gap not just follow existing successful products targeting niche market in hope that you will also become part of history.

3. Giving yourself fix time frame for positive cash flow 

Many budding entrepreneurs gave themselves specific time period when start ventures. However in realty it is other way round i.e. in many cases it is almost 1000th day of your start up that company goes in positive cash flow with the exception of few companies.

In addition to, the Entrepreneur also stops because they are running out of cash or failed to evolve their product to cop up with market changes but these issues can be offset if planned beforehand! Such as don’t scare to work at Tesco Till or as Bar Tender or take part time consulting work if that can pay your bills and keep you going with product development.

Takeaway: Keep going until your product is monetised and don’t set a time period as that might hinder you eventually become successful.

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Instagram Stabbing Itself By Leaving Twitter Cards Off

Hunter Walk

YouTube never disabled embeds on Twitter or Facebook, letting visitors to those products watch a YouTube video without ever coming to our site. YouTube worked with Apple to make our app a default experience on iOS, even leaving it effectively non-monetized until last year. Why? Because we knew our users were on those sites and we wanted YouTube to be synonymous with “video.” Because we knew we could create a differentiated on-site experience which drove clicks back to our site from those embeds. And because we knew that our community was OURS only so long as we served THEIR needs.

Instagram photos ceased being viewable on Twitter last December due to a strategic decision by Facebook management, which Twitter CEO Dick Costolo said was “their prerogative.” At the time Instagram was building out a web presence and seeking overall to drive more consumers to view photos within Instagram…

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