Almost every start-up founder believes that they are building the next big thing. In reality, 90% of start-ups fail. How does this misconception evolve in founders’ minds and why is it so different from the reality of the start-up ecosystem?
Founders tend to get stuck in a rut when it comes to their own projects. This is absolutely understandable because founders pitch, evolve and defend their ideas day-in-day-out and protecting their projects or ideas becomes crucial during the process of founding. Unfortunately, start-ups not only protect their ideas, but they also tend to protect themselves from critical outside input.
Moreover, start-up founders tend to surround themselves with like-minded individuals that don’t necessarily disagree with their instincts and ideas. The start-up ecosystem can be very beneficial when it comes to growing a network and spreading your message, but it can also lead to severe confirmation bias, a very common human tendency.
Therefore, successful founders sometimes need to see past their visions, missions, and values to be able to expect the best while preparing for the worst.