It's great that you start your online business and I love first-time Founders. The power and the spirit that is running in their body. They're true believers focused on creating a better future powered by better ideas to make them successful. They're ready to start a business, the possessed with the passion and the grit to enter the arena and do battle with the specters of failure and loss.

And when they succeed, they change the world and their bank balances are flooding with money.
But first, you have to make it right. Whatever, the path you are choosing to build a business you will find make a lot of mistakes, and it's good to make mistakes. You will learn from your mistake, but the thing is a lot of times, they make the same mistake others have made before. 

It's good to make a mistake and learn from them but, it's better if you learn from others mistake, right.

So playing crossing guard, here are some common mistakes first-time founders should seek to avoid as they head eagerly into the traffic flow:

1. Taking the wrong advice.


Talk is cheap, or as William Shakespeare wrote in Othello, “mere prattle without practice.” Those are words to live by in Silicon Valley where startup advice is plentiful but most of it is wrong. It’s a truism that most people with valuable insights are in very high demand while those with plenty of time to dispense advice typically don't have much value to impart. When taking advice, consider the source, and weight your response proportionally.

2. Ignoring the risk of the market.


Ignoring the risk of the market is the biggest mistake of why a business fails. Most people put their effort into perfecting their technology platforms, which is a good thing but you should give more effort into researching the market. Max Finger and Oliver Samwer’s America’s Most Successful Startups: Lessons for Entrepreneurs explains, “Many startups burn through a lot of cash with a product or technology searching for a solution.” But it’s being wrong about the market, not the technology, that’ll kill you. A better approach, say the authors, is to take six months to talk with potential customers to understand their needs and validate your idea.

3. Going too fast.


New Enturprenure thinks that putting a lot of work and going too fast is going to make them a pile of money. But the reality is something different, everything needs time to grow, whether a living being, a relationship or your business everything needs time. The passion and power sometimes lead their business towards the path of failure. Take one step at a time and be sure to celebrate the major accomplishments and milestones along the way.

4. Overestimating the challenge of seed funding.


It’s not that hard to raise seed capital, so founders should not be too self-congratulatory that a hot seed fund has invested. Very few companies have ever succeeded just because they had the right names in their cap table.

5. Mental fatigue.


New founders feel enormous pressure. Many of them want to work like Elon Musk 80 hour plus weeks and sometimes they can't get enough sleep what they need. They overworked, stressed out, and that takes a toll on both creative and analytical capacity that they often don’t sense until it’s too late. Founders need ballast—something to care about that’s unrelated to work—so that the inevitable disappointments don't become crisis points. You got some passion for work, great but you should know that your body might not handle your passion.

Nobody’s got a magic formula for first-time founder success. But if they can de-risk their company’s path forward by avoiding these eight mistakes, the chances of achieving that world-changing vision increase materially.

Post a Comment

Previous Post Next Post