Why Your Business Will Die [The Symptom 90% of Startups Have]
Updated: Aug 26, 2019
Quick statistic, 9 out of 10 startups fail in the first 5 years. The question is are you in that 90% or are you a business hero in the minority 10%? Exactly that's the topic of todays article and we gonna reveal one of the not so known symptoms sending you silently to death. So let's get straight to the point.
The Symptom: Growth is an event rather than a process
“If you aren’t growing you’re dying...” -a famours saying
You’ve heard the saying “if you aren’t growing you’re dying” and it perfectly describes today's business world. If your business is growing and going up - congratulations! However, keep in mind this common pitfall where many promising startups like you fell.
On the other hand If your growth is flat or down this year you should pay extra attention to this one. I’ll demonstrate it to you with a Lugdo game analogy.
“Don't get angry man” (Ludo Game)
Have you ever played a game of Ludo or “Не се сърди човече”? This favorite game of generations children around the world has frustrated and entertained many - young and adult.
The rules are simple - you throw a dice and move one of your pieces equal to the number positions. If you get hit by an opponent's piece you start over, the first player who exit with all four of his pieces wins the game.
So how does that apply to your growth? If your startup is a piece in a Ludo game your growth probably looks like that. Most of the time it goes slightly up or flat while you invest the same amount of money in marketing activities and advertising.
Sometimes you throw a 6-dice and your campaign, event or collaboration succeeds or your product got featured somewhere resulting in a lot of new users in a short time. How awesome! Just to be followed by the opponent piece hitting you - in reality a technical issue, a good employee leaving you, partner failure, competition pressing on, or just a series of unsuccessful dice throws (growth hacking experiments).
In a game of Ludo being hit and starting over may be frustrating but not a big deal. You just waste some time and your opponents gain an advantage. However, in reality, things are not that simple.
Starting over is costing you money, missed deadlines, upset customers followed by discouraged employees and angry investors who have put their time and money in your losing piece (startup). Not to mention your competition gaining advantage and exiting on your market. You can rematch the Ludo game but can you rematch your target market?
Let’s get back in the game of Ludo. Playing with a dice throwing (event-based) progress approach, one of four players will win assuming everyone invested enough time to finish the game. Suppose you are the lucky and smart enough player to win the game at the end do you think this time investment is the best use of your time?
I doubt it. But what if you had a long-term consistent progress strategy? You might not benefit from the sudden booms of throwing a 6-dice but also you won’t get stuck or starting over because of miss fortune hitting you. In the beginning, you won’t be making fast progress or get ahead. However in the long run due to your long-term's strategy snowball effect, you’ll dominate and win almost every single game (market) in a reasonable time.
So the question is how do you implement it and win in the game of business without depending on luck? The answer may sound both simple and complex - develop a consistent long-term growth strategy with proven ROI in reasonable future.
You’re might be thinking “But Iliyan what’s that strategy? Is it even exists?"
First I understand your skepticism. Second, this article may be written in fun and entertainment way but the idea presented with the Ludo analogy is serious. And third, I want to make clear that this growth strategy is not a silver bullet, results won’t happen overnight and it’s not easy to implement as throwing dice. It requires commitment, hard work and consistency.
To best answer your question, I'll take a little step back.
If you are still reading, growth hacking in the long-term might be a challenge for you. Like for every pain, there must be a reason why it occurs in the first place.
Maybe you are depending on your next big feature to fix your growth problem, maybe you are looking for a solution in another market or maybe you are hoping that your next growth hacking experiment will spark organic traffic.
An Underestimated Growth Opportunity
I don’t know what’s holding you back and If I can fix it. However, what I know and what I’m certain of -- is that I can provide you with clarity.
That’s why I’ve set up a free anonymous quiz (no email required, no company information gathered) designed to assess and show you what you know and what you don't know about this growth hacking strategy.
P.S. I don’t know how long this quiz will be online because I am paying for the tools to required for it and I won’t keep it live forever. If you're curious about Inbound Growth Hacking I’d suggest taking this 2-minute quiz now or while having lunch. Take the inbound growth hacking quiz now