He added: “80% of startups fail.
Canadian billionaire and former Shark Tank investor Kevin O’Leary has delivered a sharp warning to startup founders, according to a report by Benzinga. Sharing his advice on X, O’Leary said: “The worst mistake you can make as an entrepreneur is refusing to admit when something has failed. “Bad ideas do not become good ideas just because you keep throwing more money at them,” he wrote.
O’Leary has urged the startup founders to recognise their failure early and avoid pouring more money into businesses that are not working. O’Leary also cautioned that continued spending cannot turn an unsuccessful concept into a viable business. Instead, he advised founders to embrace losses, learn from them, and move on. You cannot cry about every one.”
Insights from Industry Leaders on Startup Success
Y Combinator co-founder Paul Graham emphasizes that many founders struggle to assess their startup’s performance accurately. He notes that first-time entrepreneurs often lack benchmarks for comparison, with growth rate being a key indicator of success.
In contrast, Amazon founder Jeff Bezos advises aspiring entrepreneurs to first gain experience at established companies. He believes that acquiring foundational skills, such as effective hiring and interviewing, at a well-run organization can significantly enhance a future founder’s chances of building a successful startup.