Ask any starry-eyed entrepreneur and they’ll tell you yes, it’s completely possible to change the world as a humble startup. In reality, most startups fail after the first 6 months and end up being a complete waste of time unless you’re diligent about learning from your failures. Is 6 months and a lot of money really worth the learning experience? Probably not.
So can startups really make an impact on the world?
Yes, but not in the way that you’d expect.
You see, most startups have terrific ideas but fail spectacularly on the execution. The only exception to this is if the startup gets incredibly lucky and manages to strike gold with both their idea and their business model. This doesn’t happen often, but it’s completely possible.
If a startup has a good idea but fails in its execution, then the idea may be copied by a larger company in the future or, in a best-case scenario for you, the startup may be bought and assimilated into a larger company along with their ideas.
The reality is that most startups just don’t have the funding available to grow their ideas. This means that you should eventually expect to run out of funds and will need to turn to investors if you want to continue growing. Of course, if you’re hard-working and pour a lot of effort into your business idea, then you could survive without the need for additional funding. This requires a lot of work and a business model that allows you to scale quickly, so it’s not something that everyone can achieve.
Below, we’ve included an infographic about startups and entrepreneurs that are changing the future of the healthcare industry. Whether or not these startups will survive remains to be seen, but there’s no doubt that they’re bringing revolutionary new ideas to the table.