When asked Paul Graham, "How can we choose new and small project ideas?"
He replied, "Imagine yourself living in the future, then build what is missing."
Paul Graham is considered one of the greatest and most distinguished entrepreneurs of this age, because he has many achievements in this field.
Paul Graham is a programmer, investor, and British writer. He worked primarily on Lisp Software, founded his emerging company Viaweb, and significantly contributed to the support and financing of small entrepreneurs in Silicon Valley by establishing Y Combinator.
Graham has written many articles in the field of business and finance, focusing not only on how to move from poverty to wealth, like other writers and bloggers, but also about the causes of failure, whether small enterprises fail or even how to move from rich to poor. the reasons. His experience in the field of investment, especially in the field of small projects, financing and support, has made him a great expert in the analysis of projects and the reasons for their success and failure.
In this article, we will learn what Paul Graham wrote about successful projects and how to avoid failure in the creation of microenterprises, where we summarized the reasons that could lead to the failure of small projects as Graham wrote in his writings.
10 reasons for the failure of small projects provided by our genius investor Paul Graham
1- There is no idea of the project
A project that does not have a clear goal, and does not reflect in all its aspects the essence of its idea and mission, will never succeed.
In order to avoid failure in the project, you must choose a project commensurate with the needs of the community and satisfy one of their basic needs. The idea must be unique and creative, away from other traditional small businesses. The project must have a very competitive advantage both in terms of the nature of the idea, the nature of the work, and so on.
The lack of an appropriate idea may mean that the entrepreneur is exposed to a lot of chaos, because it is the idea that gives the project the course of action it must follow.
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2. Lack of sufficient experience
One of the main reasons for the failure of small projects is the lack of sufficient experience, but the question is always asked, how to get this experience?
In fact, according to Graham, the best way to gain experience is to start your own business even if you have that experience. Starting a project means that you will be working in the right environment, which will give you experience, and you will test the problems and obstacles directly and will not be limited to the theoretical words that people usually offer.
The sooner you start working on your project, the better it will be. If you insist on working on your own business, do not think about working for others, or at least you can work as an employee to earn the minimum amount of money, but you must always work within projects to gain the necessary experience. Working on projects does not always mean success from the first time, but on the contrary, you have to fail to realize what methods are suitable for your project to avoid in subsequent projects.
3 - The beginning of the project with an age is not appropriate
You may think that you have to wait for a certain age to think about starting your project. In fact, this idea is not true. Projects and success do not know a certain age. At the same time, this does not mean that your project will start at any age, believing that the projects can succeed at any age.
Projects do not need a certain age, but they need a minimum maturity. This maturity includes experience, ability to deal with people or problems, and so on.
4. Non-compliance
Small projects need a lot of patience before we wait for results to be harvested. We may note that there are many people who do not seem to be prepared for patience and commitment, so they fail.
5. Fear of instability
There are many people who are afraid of the idea of entrepreneurship because it means instability to them compared to the job or routine work. This fear is one of the main reasons for the failure of projects. Projects always need some risk, especially as they will have some ambiguity in their beginnings.
6. Strong competition
Some may think that strong competition means there is no place for their project in the market, and that there are enough companies operating in the same field, which are larger and have a very large market share. But the idea that you can always occupy a niche in the market despite the presence of a large number of competitors, and only by finding your way in a distinctive, innovative and creative to compete with other companies or projects.
The key to overcoming competition is to think outside the box, think creatively, always find solutions that other projects have not covered, or you may find some gaps that these projects could not overcome to do that job.
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7. Insufficient intelligence
Any step in the business world needs intelligence before anything else, where weaknesses in experience or lack of sufficient capital can be overcome only by intelligence. This does not mean that projects will only succeed if their owners are geniuses who have no counterparts. On the contrary, success is the property of all, but it always needs some effort and intelligence.
8. Lack of determination
There are a lot of problems that can face the project especially in its beginnings, there are a lot of errors that are likely to appear or be committed by employees or even by the same entrepreneur, there are a lot of competitors who can possibly take out any competitor from the market, there Problems in financing, marketing problems, and other obstacles that stand in the way of any project and prevent its success in a simple way.
So if you're going to set up your project, one of Bill Graham's advice is persistence and perseverance on the project, that is, you have to have enough patience and a lot of determination and will to survive.
9. Lack of partner
Some may think that the lack of a partner is a major obstacle to any project, because of its benefits in terms of financing and investment, and indeed, the partner is one of the components of the success of any project . So try to find the right partner for your project, be enthusiastic and believe in your idea, and can also support you in certain aspects of the project.
Do not rely solely on your partner's choice of interests or enthusiasm, but try to measure his / her ability and willingness to support you and your project.
10. Having a stable source of income and a lack of desire for risk
There are many people who prefer to get a steady income from a job or work within a company because of financial stability, especially if they support a family or are responsible for some things that must be committed to pay expenses on a monthly basis or periodically, Source of safety for them.
Sometimes, fixed income may push homeowners to feel lazy or reluctant to start a new venture because they feel they do not need more money and are losing their enthusiasm. Or even entrepreneurs may be young and wish to establish their lives in a stable way, so they are seeking fixed income because it is more convenient for them than projects that carry a lot of risk.
We have so far provided you with 10 key reasons that Bill Graham believes are the first causes of small business failure. If you suffer from one of these reasons you should seriously think about getting rid of them before you judge your project with failure.
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