When I heard a friend and business mentor say, “Your startup won’t fail if you don’t quit,” I realized that every entrepreneur should adopt “never give up” as their mantra. Rather than quitting, consider alternatives, like pivoting the business model or merging with new partners for support. Either could improve the statistic that most startups fail within the first five years.
Nothing is more discouraging to aspiring entrepreneurs than the high failure rate of new businesses. But why do most startups fail? Many experts say that running out of money is not the primary reason. The No. 1 reason seems to be that the founders just walk away. Of course, they may be out of money as well, but that is often more of an “excuse” than a reason.