Thought I’d share my top 5 common mistakes made by first-time start-up founders

There’s no business without mistakes – especially if it’s your first attempt. 

Learning from your mistakes is a must but you can also shorten the pain by taking the experience of others. 

𝗛𝗶𝗿𝗶𝗻𝗴 𝗳𝘂𝗹𝗹-𝘁𝗶𝗺𝗲 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀 𝗯𝗲𝗳𝗼𝗿𝗲 𝗽𝗿𝗼𝗱𝘂𝗰𝘁-𝗺𝗮𝗿𝗸𝗲𝘁 𝗳𝗶𝘁. Simply put, do you have something that people really love?

Until then, I’m sure you’re frantically playing with many ideas, sometimes weekly. During this time anyone other than a co-founder will soon get frustrated by the changes of direction and eventually wonder if the compensation they are giving up on elsewhere is worth it.

𝗡𝗼𝘁 𝗽𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝘀𝗶𝗻𝗴 𝗼𝗳𝗳𝘀𝗵𝗼𝗿𝗲 𝘁𝗮𝗹𝗲𝗻𝘁. Saving money is crucial in the early days and staff cost is the biggest expense. 

There is an abundance of talent around the world, and tools to collaborate with them, hiring offshore is the best way to save money early on.

Look for employees from lower-affluence countries or regions rather than from world centers and big cities – pay less and get the same results.

𝗛𝗼𝗹𝗱𝗶𝗻𝗴 𝗼𝗻 𝘁𝗼 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝗶𝗱𝗲𝗮 𝗳𝗮𝗿 𝘁𝗼𝗼 𝗹𝗼𝗻𝗴. Sorry to say but the likelihood is your first idea is likely going to fail. I’m sure you don’t want to hear this especially if you’ve quit your job to launch your start-up! 

However, success with startups comes from insights that no one else has and ones rarely found via surveys but rather learnt through failure. 

The key to success is to fail fast, iterate fast, and get those insights fast!

𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗮 𝗯𝗶𝗴𝗴𝗲𝗿 𝗠𝗩𝗣 𝘁𝗵𝗮𝗻 𝗻𝗲𝗰𝗲𝘀𝘀𝗮𝗿𝘆. As a founder, I’m sure you have a grand vision for the solution to a big problem but don’t try to create a complete product before finding out that people would actually use it.

Developing a mobile app or website full of features etc needs a lot of resources.

Instead, do a fake-door test: create a landing page with no-code tools, describe your offer, and run ads on it. The number of clicks will show you if it makes sense to work on the idea further.

𝗡𝗼𝘁 𝗵𝗮𝘃𝗶𝗻𝗴 𝗮 𝗺𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴 𝗰𝗼-𝗳𝗼𝘂𝗻𝗱𝗲𝗿. Start-up investors always seek high growth, typically 10% + month-over-month. This quickly shows to them a good product-market fit and a business that’s scalable.

However, getting high growth is very difficult requiring constant testing with new marketing channels and strategies so by having a marketing co-founder they can focus purely on growth every day without being distracted by other problems.

𝐖𝐨𝐮𝐥𝐝 𝐛𝐞 𝐠𝐫𝐞𝐚𝐭 𝐭𝐨 𝐡𝐞𝐚𝐫 𝐦𝐢𝐬𝐭𝐚𝐤𝐞𝐬 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐦𝐚𝐝𝐞?

Don’t hesitate to contact me

#founders #startup

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