Some 90% or more of startups fail. Is this high failure rate inevitable?
Many believe that high risk is innate and inherent in entrepreneurship – ‘baked in the cake’. In this study, we argue that the failure rate can be significantly reduced by the intelligent use of a pre-launch protocol — a list of sixty-four “$64 questions”, that ask startup entrepreneurs to consider in advance the challenges and pitfalls they may face in future – in order to anticipate and prepare.
Forewarned is forearmed. Second-time and third-time entrepreneurs have far greater chances to succeed. We claim that considering the 64 key questions can help entrepreneurs avoid some of the basic causes that lead to failure, and improve the first-time odds.
