Business failure statistics tell a sobering tale: 38% of startups fail because of running out of cash or failing to raise new capital. In this challenging environment, entrepreneur and author Furkat Kasimov believes that studying these failures, rather than successes, holds the key to business longevity.
His recently released book, Don’t Do This: A Guide to Business Survival, which earned the Global Recognition Award in March 2025, challenges conventional wisdom about entrepreneurial success.
Learning From Failures
Business literature often glorifies success stories, creating a potentially dangerous blind spot for new entrepreneurs. Kasimov, however, champions a different philosophy, one echoed by Alibaba founder Jack Ma, whom he quotes in his book: “If you want to be successful, learn from the other people’s mistakes, do not learn from the successful stories.” Kasimov’s counter-intuitive approach offers a fresh perspective in business strategy.
Kasimov doesn’t shy away from his missteps, admitting, “My resume is built on successes and mistakes. I have failed at more startups than I care to count.” This vulnerability gives weight to his advice, as he speaks not from theoretical knowledge, but from lived experience.
The Silent Business Killer
Kasimov sees poor communication as a dangerous business pitfall. On a recent podcast appearance on Founder’s Story, he shared a deceptively simple technique: asking team members to repeat back instructions to verify understanding. This elementary practice, often overlooked in the rush of business development, could play a role in preventing cascading failures across organizations.
Communication issues become particularly critical as businesses scale. With 34.8 million small businesses making up 99.9% of all U.S. businesses in 2024, the transition from founder-led communication to systematic information sharing represents a key breaking point for many growing companies. He argues that clarity in communication isn’t merely about efficiency,it is existential.
In the same podcast episode, he discusses how miscommunication can be tied to financial losses, team friction and strategic misdirection, particularly as businesses attempt to capitalize on growing markets.
The Vision-Execution Gap
Kasimov shares his view on another critical failure point: the disconnect between grand visions and practical execution. Entrepreneurs may become enamored with their ideas but stumble when implementing them. He critiques generic business advice about differentiation strategies, arguing that execution often matters more than the strategy itself.
This insight becomes particularly valuable considering that over 80% of small businesses operate without staff. For these solo entrepreneurs, the ability to execute effectively with limited resources is crucial. Kasimov recommends establishing a “North Star,” a clear, long-term goal guiding daily operations and strategic decisions.
Customer Feedback: The Neglected Oracle
Kasimov regularly interviews potential and existing customers to understand their problems and refine offerings. This customer-centric development process starkly contrasts the product-first thinking that can be problematic for many startups. Companies that align with actual customer requirements capture this growth; those that don’t may fail.
Kasimov’s experience building multiple successful ventures, including LeadsMarket.com, which grew to nearly $100 million in annual revenue, reinforces his advocacy for what he terms a “Win-Win-Win-Win” business philosophy. This mindset helps to ensure value for all stakeholders: consumers, suppliers, buyers and the company itself.
The Road From Idea to Enterprise
Kasimov’s book serves as a valuable resource for avoiding these traps, drawn from his successes in digital technology and marketing as well as his candid assessment of his failures. As businesses rebound from the pandemic and technological capabilities accelerate, his counterintuitive wisdom offers a sobering yet optimistic roadmap for entrepreneurs on the journey from ideas to sustainable enterprises.
Photo courtesy of Furkat Kasimov.
