Acommon word of advice for entrepreneurs is to build what they personally want, but this can prove to be a path to failure. After all, it’s said that 90% of startups fail, and the number one cause of those failures is that there’s no market need.
From Facebook’s metaverse folly to the downfall of Juicero, the story of failed projects is littered with tales of companies that just didn’t understand their markets well enough. While passion is, in the words of the late Steve Jobs, “the only thing that keeps you going” when it comes to the long journey of entrepreneurship, it isn’t enough. It’s equally important to understand the wants and needs of your customer base.
