What is a startup?
Startups are typically entities considered to be in operation up to 10 years from the date of its incorporation and registration. Usually; the process of running a successful startup comes with a lot of challenges, It takes unwavering dedication, grit, and a bit of luck.
Every year; over 627,000 businesses are launched by ambitious entrepreneurs and statistics show that by the end of four years more than half of them will be gone.
Who is a Founder?
A founder typically is the originator of a business idea their own company. They’re the ones who came up with the business idea and acted on it. Founders who launch their startups are those who successfully navigate challenges; In some cases founders leave and pursue other professional goals; like a full-time role at another company.
Why Founders Move on?
Founders move on for several reasons; Founder at Gesal; Yewande Akinweje said ‘’Founders move on because of change in interest; you feel like you love that space because of the problem but later you realize you love another space, also if I feel like I have conquered that space and it’s time to move on to the next phase I will move on’’
Founder at Myyinvest; Emmanuel Oballa said “Lack of drive to continue the startup race kill’s a startup and forces the founder to move on, but if a founder notice’s he’s on the verge of failing there is something called PIVOT If the founder wants to continue the startup race, he’ll pivot his business model If he realizes after a trial that he can’t keep up, then he goes to get a 9–5. Not everyone can keep up been a startup entrepreneur it’s not an easy race’’.
- Motivation: Being an entrepreneur and running your own business is one of the hardest things one can do. It will tax every fiber of your patience, finances, and even one’s sanity if the motivation isn’t right
- Timing: Starting up a company can be risky especially with 90 percent of tech startups failing not because their products didn’t end up being what they thought they would but because the market audience wasn’t ready for the market audience.
- Structured work: Founders usually don’t quit easily but some may be forced to move on to a typical 9- 5 most likely as a result of finance simply because their revenues couldn’t grow fast enough
Some other factors include;
- Cost of operating the startup
- Unfavorable location and access to market:
- Not Leveraging a network and community of like minds communities:
- Not fully vested in the startup.
Hub One managed by Leadspace provides the necessary infrastructure for tech start-ups, as well as capacity-building events, to enable them to focus their limited resources on their business development with the possibility for potential investment.
Join other amazing entrepreneurs that are currently growing their businesses at Leadspace.
Call/WhatsApp 07066607441 or email info@theleadspace.co
