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I think, startups usually have this mindset, that first we'll run in loss then eventually we'll be a profitable company taking inspirations from big complaines like Zoho, but what they dont realize is that, they had proper strategies , resources and fund to cover up. Meanwhile small startup owners even risk their personal assets and bear loss which is definitely not good. You can only run in loss when you have various other revenue stream and a really good plan and most startups don't realise it and get in a debt trap then say, business is not our cup of tea.

Managements of funds, rather mismanagement, and then founders getting greedy, or forgetting about the vision they started with.. these things absolutely Make a company hollow from inside, for example Byjus currently.

Cash burn & nothing to earn eventually go घर

Most of the startups think they can convince investors despite running with losses.Ultimately they lose everything at the end

Overestimating TAM