What are the biggest mistakes made by startup entrepreneurs?
Roy
12 replies
Starting a business is tough and entrepreneurs make mistakes. But we must learn from our mistakes and move forward. I believe it is a continuous learning process. So, let's discuss about the common mistakes startup entrepreneurs make.
#startuptalk #startup
Replies
Alexa Vovchenko@aleksandra_vovchenko
The first and foremost mistake is to be afraid of telling and sharing your startup idea. A LOT of founders do that because they worry that someone might steal their idea. On the contrary, you MUST go public with your project asap, be present in online communities, show how you build up your startup step by step, create a beta newsletter, so that by the time you start sales there's a community around your idea.
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@aleksandra_vovchenko Good point! Thanx Alexa! So how can we protect our ideas in the first place?
@roy_outgrow if you're really stressed that someone might steal your idea, just patent it. But I never heard that someone started a startup, told about it and the product got stolen.
They fell in love with their original idea. It reduces their flexibility and the willingness to adapt and change.
3 typical mistakes that come to mind:
1. Lack of focus. Trying to do too much (e.g. too many features, too many customer segments, to much at the same time.)
2. Not realizing all the unvalidated assumptions that are baked in our ideas.
3. Building a product first, then looking for a problem to solve.
Let me add the first point!
Not starting with enough capital!
1. Mismanaging Cash Flow.
2. Not thinking about marketing.
3. Thinking you can do it all yourself.
4. Overnight success
5. Being incapacitated by fear of “what if's.”
@chandan_shopify Good pointers! * Being incapacitated by fear of “what if's.” best point yet! Thanx Chandan!