Why Startups Fail? This is the most fundamental question for every entrepreneur these days. As the startup culture is growing both locally and internationally; there is much more attention required on the topic.
In Pakistan, our youth need a lot of focus an a reality check of what is actual entrepreneurship. There are several challenges that are faced by young entrepreneurs especially in Pakistan.
The founders are just jumping on the startup bandwagon and if you see Facebook, everyone is now a CEO or MD or a Million $ Founder. Which, is not bad in a sense that we have this entrepreneurship mindset & culture in our youth.
More the new startups also fail, more they learn and more chances of success of a $ billion unicorn. But, all this needs to be combined with a system. In west, the mindset, the early education & whole process and eco-system supports this. Here in Pakistan unfortunately, we run after a mirage too. A lot of thought process is needed and like said earlier, youth is like a missile, if guided properly it will have huge impact and if not mentored and counselled, it will still have an impact but that will be catastrophic with a lot of collateral damage.
There is no doubt in the significant role of "incubation culture" for the training of startups. But again I would definitely say that something big is missing. The ratio of startup success is way to less.
I hope that Pakistan may get successful startups very soon in coming years.