You may have recently seen our piece on the top five reasons startups fail. That article was based on our experience of partnering with many startup businesses over the years who have experienced high growth on their journey of scaling up.
We thought it was a good idea to ask our Talent Point community what they thought over on LinkedIn.
Over 230 people responded to the poll and the results were split:
We won’t try to over analyse, but from our perspective, the 20% figure regarding attracting the right talent is something that we take a particular interest in as it’s the world that we operate in. Getting the right people in place impacts every part of your business from innovation through to execution.
The 47% who felt that the main challenge startups face not know how to grow their idea. If you think about it, this also comes down to talent as if a startup has the right people on board, those people should know how to grow the idea.
You need expertise and input from all angles, and this comes from a diversity of thought and consequently a diversity of talent. You need to understand the roles required for early on to develop your product and service to align it with market demands.
Lacking product/market fit was the next biggest challenge a startup faces, coming in at 28%. As Jonathan Gibson said in the comments on the poll:
“Every start-up believes they have the next bid idea / product - the problem is many of them fail to assess the product vs the customers’ needs. Many are blind to the fact that their product (albeit likely a great idea) needs to evolve to meet the customers needs. A start up must champion the customers’ needs and make it the centre of its purpose!” Jonathan Gibson, Entrepreneur & Director
Keep an eye out on the Talent Point LinkedIn page for our future polls and we’ll highlight your views and opinions here on our site.
We’ll also be highlighting our results from polls, research and insight in our regular newsletter which you can sign up to below.