A startup is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. While entrepreneurship refers to all new businesses, including self-employment and businesses that never intend to become registered, startups refer to new businesses that intend to grow large beyond the solo founder.
In the beginning, startups face high uncertainty and have high rates of failure, but a minority of them do go on to be successful and influential. Some startups become unicorns; that is privately held startup companies valued at over US$1 billion.
CBInsights’s analysis of 101 startup postmortems suggests that the top 3 reasons why startups fail include lack of market need; running out of funds and not having the right team. But that’s a global view.
Paddy Tan, managing partner at BlackStorm Consulting, shares his opinion and analysis on the startup landscape in Asia and what makes or breaks start-ups.
Click on the PodChat player and listen to Tan share his experience, opinion and recommendations for startups in the region.
- How has the environment for startups changed in 2020? Has it improved in 2021?
- Can you cite 3 common mistakes startup entrepreneurs make during the early stages of a startup’s development?
- How can startups use the challenges presented by COVID to their advantage?
- Any advice you have for entrepreneurs to be more successful in starting their own business? In the recruitment of talent? In pitching their business to customers? In finding funding support?