Building a new product is one of the most exciting ventures for entrepreneurs. You know you’ve got a great idea, and you’re certain consumers will agree. So you put everything into its development — even though as many as 95 percent of new products fail. That means 19 out of 20 products won’t last the year.

When a startup is blinded by a big idea, it closes its eyes to the bigger picture.

The reasons vary, but the biggest culprit appears to be need. About 42 percent of startup founders say their companies failed because consumers didn’t want what they were selling.

When a startup is blinded by a big idea, it closes its eyes to the bigger picture. Companies waste time getting their product to market by adding features a consumer won’t need. ...