I’d like to give a shout-out to Alysia Silberg – a UN Women Empowerment Global Champion and General Partner at Street Global Venture Capital for hosting a virtual “fireside chat” recently with a panel of global entrepreneurial experts.
Her panelists included the following people who offered their perspectives on why startups fail, and what can be done to prevent it.
D.R. Dhariwal – Visionary, Strategist and Global CEO based in Jalpur, India:
Success and failure for any business is the part of the journey. The team must have synergy and self-confidence. Does the product clearly meet a customer need?
There will be lots of surprises on the journey. Is your team focused? How is the speed? Addressing issues and problems quickly will bring success.
Willbert Williams – Social Entrepreneur / Business Strategist from Washington DC:
Having a great idea is the most important thing, followed by good time management once you get going. The fatal mistake most startups make is that they fail to understand their customers.
When it comes to growing a business, it takes the right kind of CEO, and being careful not to get financially over-extended. Success can come from being able to react quickly to changes in the marketplace, never settle in, look for product and service innovation opportunities.
Steven Blessing Ackah – Transformational Expert and State Advisor – based in Ghana, Africa:
It takes spirit and passion. It takes an idea that is strategic, combined with specific experience that will help.
Precious Eshlet – Entrepreneur and Fashion Designer – based in Nigeria.
Follow your passion – understand how you do follow your passion, how relevant is your idea to society?
Failure is a stepping stone, it will not kill the business. Take it as an experience – what I did not do right the first time and be can be redone and that helps push me forward.
Tshillo Farisani – Entrepreneur and Enterprise Development Manager – Durban, South Africa
You need inside information, and also to always keep learning.
It’s important to take experience and advice from people in different types of businesses all over the world. This global perspective was particularly refreshing.