Project Management Institute claims that one out of four organization’s projects failed outright. The numbers are far from being encouraging.
Great article, thank you. You can write thousands of pages on why projects fail but I will add a few more:
1- Failure to get “buy-in” from the C-suite (or executives with the right level of seniority)
2- Project taking too long to execute , making the requirements obsolete before implementation has finished (which is why Agile was invented)
3- Inaccurate estimations, running out of money before project is finished
4- Too many “chiefs” in the project , no clear chain of command
Everything you mentioned in the article makes sense and of these, number three is the most important to note. A need is not solved.
If a product or service is not solving a need in a more efficient manner as compared to the products and services already available, that startup is set to fail.
I remember reading an instagram post. It said: people still were able to share pictures on Facebook when Instagram wasn’t there.
Instagram made sharing pictures more fun. That’s how startups should look at their products.
The one mistake startups do many times is being too stiff. In the beginning, one needs to be agile. There are many changes that are required on the path to development. In such a case, by sticking to that one idea that you think is “perfect” slowly kills your progress.
It was a great read. Thanks.