According to a study conducted by Harvard Business School, 3 out of every 4 startups fail. Another study, Startup Business Failure Rate, conducted by Statistics Brain, reveals that 50 percent of the startups get closed within 5 years of operations while 70 percent fail within their first 10 years of operations. These studies indicate that startups must have an agile strategy to avoid failure and to ensure success. In this article, we will talk about the ways in which this can be made possible.
Before discussing what agile means and why startups must adopt an agile strategy for guaranteed growth, let’s have a look at why startups fail. Startups fail when they are unable to foresee any potential obstacles and when they don’t know how to respond. Not having enough capital and lacking good leads are other key reasons. Some other key reasons for failure include lack of agile planning, having inexperienced staff, messy work, and more. Even by not having mentors or having a risk-averse co-founder who is afraid to try innovative ideas and methods, are also key failing points for a startup. Another mistake is not to recognize the competitors. Being an entrepreneur, you might be wondering how to avoid these failure factors. The answer is an agile strategy. An agile strategy is one of the most powerful ways for startups to succeed.
Agile is a comprehensive term that is used to explain the practices and principles for the whole project life cycle. Under this practice, solutions evolve because of the teamwork and collaborative working environment.
Every startup needs to complete some key steps to be operational. The scale of the startup is generally small in the beginning and, therefore, requires speedy delivery on people’s part. Agile startups characteristically hire small teams concentrating on fast deliverables. They complete a portion of the project and continuously enhance and grow the product features based on customer feedback.
Some of the most notable features of Agile startup strategy include:
Undoubtedly, an agile strategy is a new ray of hope for startups to ensure their success. Its proper implementation can lend to the startup’s visible growth. To make your startup successful, you must invest money, dedicate your time, and give thought and care to the business. Your customers want the best possible experience.
Agile transformation in a startup surely takes time to deliver results. Startups must embrace the changes and learn innovative ideas and processes. At times, it might feel like a dead-end; however, if you are passionate about your startup, you will find a way to succeed.