I was talking over the phone with a friend who is an industry veteran at Amazon and we were discussing what are the reasons some people don’t achieve their full potential. I summarized the following reasons and drew correlations with Startups.

It’s no secret that most startups fail—80 percent of them, to be exact. But what about individuals in their careers? Are they doomed to suffer a similar fate? Surprisingly, the answer is yes; a large majority of individuals fail in achieving their full potential in their careers. The reality is that the same principles that cause most startups to fail can also lead individuals in their careers down a path of failure. In this essay, we’ll look at the causes of startup failure and how you can avoid them in your own career, so you can achieve success instead. Let’s dive into why so many individuals fail in their careers and how you can avoid being one of them.

Lack of Market Need 

If there is no demand for your product or service, then it will not succeed regardless of how well you execute on other aspects such as marketing and financing. To ensure long-term success in your career, make sure that you are focusing on knowledge or skill sets that are actually in demand in the marketplace. It’s important to stay up-to-date on industry trends and actively network with individuals who are currently working in your field to get an accurate understanding of what is needed most right now.  

Inadequate Capitalization (Time & Money)

Starting a business without enough money is one of the main reasons why startups fail. The same goes for individuals in their career; if you don’t have enough capital (in terms of resources such as Time and Money) invested into achieving your goals, then chances are you won’t reach them either. Make sure that you have a clear understanding of the costs associated with pursuing your goals, such as dedicating time daily to sitting down and learning what needs to be learned or setting money aside for training or studies, so that you can plan accordingly and prepare yourself before taking any action steps towards achieving them.

Poor Marketing 

Poor marketing decisions can sink even the best businesses—and the same holds true for individuals looking to advance their careers. Investing time into researching effective ways to promote yourself—such as creating strong resumes and personal portfolios—is essential if you want employers or clients to take notice of your talents and expertise. Additionally, making sure that these materials accurately reflect who you are professionally (i.e., through emphasizing relevant experience) will help employers identify why they should hire/work with you over someone else quickly and easily.  

How You Can Avoid Career Failure 

The good news is that there are steps you can take to ensure your success in your chosen career path: 

1. Develop a Plan – Before embarking on any endeavor, it’s important that you develop a plan for how you will achieve success. The more detailed the plan is, the better off you’ll be as it will give you clarity on what steps need to be taken and when they should be taken by so that progress can occur uninterruptedly towards your goals.
2. Utilize Resources – Make sure that you have all of the resources necessary for success—including time, money and education—at your disposal before beginning any project or job opportunity so that nothing holds you back from achieving greatness. Also consider tapping into networks such as LinkedIn or professional organizations related to your industry so that others can help guide and mentor along the way if needed.  
3. Take Risks – Don’t be afraid to take calculated risks if something presents itself as an opportunity for growth or advancement within your career path; otherwise someone else may swoop in and grab the opportunity before you do! Taking risks demonstrates confidence, which goes well with employers who want employees who show initiative rather than those who simply wait around holding onto safe jobs without ever striving for greater heights themselves! 

It’s easy to see why 80% of startups fail when we dig deeper into what causes those failures—lack of market need, inadequate capitalization, poor marketing, and ineffective team dynamics all play a role in determining whether a business succeeds or fails. However, by applying these lessons learnt from startup failure to our individual careers, we can increase our chances for success by focusing on knowledge and skill sets that are needed right now; investing adequate resources into achieving our goals; researching effective ways to promote ourselves; and making sure our materials accurately reflect who we really are professionally. With this knowledge under our belts, let’s go out there and make sure our own careers don’t become part of the 80% statistic. Good luck!

• Lack of market need is one of the main reasons why startups fail, and the same goes for individuals in their career. Make sure that you are focusing on knowledge or skill sets that are actually in demand in the marketplace.
• Inadequate capitalization is another reason for startup failure, and it can also lead individuals in their careers down a path of failure. Make sure that you have a clear understanding of the costs associated with pursuing your goals.
• Poor marketing decisions can sink even the best businesses—and the same holds true for individuals looking to advance their careers. Investing time into researching effective ways to promote yourself is essential if you want employers or clients to take notice of your talents and expertise
• Develop a plan before beginning any endeavor in order to achieve success.
• Utilize resources—including time, money and education—so that nothing holds you back from achieving greatness.
• Take risks by seizing opportunities for growth or advancement within your career path.

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