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October 15, 2016

[Video] What’s the industry that has the biggest risk of failing for a startup? – Bobby’s Minute, ep. 24

ep24

I feel that tech startups have a lower risk of failing big because of the lower costs involved upfront.

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Transcript:

Hello, everyone! Welcome to “Bobby’s Minute”! The question I got is: What’s the industry that has the biggest risk of failing for a start-up? And frankly, since I only kinda know the tech industry, all I can say is that I feel that the physical good industry can have a bigger percentage of failing startups, because you have a bigger upfront cost for the business.

You need to build a product, you need to have a distribution channel, an acquisition channel, you need to to have a stock of products, so you need to put a little bit more money into the initial product then you do in a virtual goods or in a software business startup.

So the truth is, if I would start my own startup, I don’t think I would really go on the physical goods side of things. It’s too risky for me and also because my knowledge base is not in that area. Obviously every startup has a big risk of failing. So, the difference I don’t think it’s that big.

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