What are the biggest mistakes made by startup entrepreneurs?

Question

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

Alexa Vovchenko · Accepted Answer

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.

Roy · Answer

Let me add the first point!

Not starting with enough capital!

Roy · Answer

@chandan_shopify Good pointers! * Being incapacitated by fear of “what if's.” best point yet! Thanx Chandan!

Roy · Answer

@arjetaculaj Thanx Arjeta...inspiring thoughts!

Roy · Answer

@nikolett_torok Thanx!

Chandan Das · Answer

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.”

Nikolett Török · Answer

They fell in love with their original idea. It reduces their flexibility and the willingness to adapt and change.

Roy · Answer

@michel_gagnon1 Good insights! Thanx Michel!

Roy · Answer

@aleksandra_vovchenko Good point! Thanx Alexa! So how can we protect our ideas in the first place?

Arjeta Culaj · Answer

Giving up too easily. Sounds cheesy, but it is the truth. The most successful companies where once small and slow, too. Almost nobody launched something and got customers with little effort. Your product will maybe suck initially, it might miss important features, maybe it will not fit your target group. What do you do? Iterate? And then what? Iterate again. While doing that, focus on your target group and get their insights. Do not fall in love with your initial business idea, that is a huge mistake. Gather insight and implement it and then repeat. 
Also, go out there and get out of your comfort zone. Your customers will not just magically find you and think "oh this tool is amazing, got to give it a try". They see hundreds of products a day and you have to differentiate yourself by being more empathic and personal. Reach out to them, do not stop doing that. 10 Users with whom you have a closer relationship are much better than 100 Users who will not give you feedback.

Alexa Vovchenko · Answer

@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.

Arjeta Culaj · Answer

@chandan_shopify Exactly! Especially the part of thinking you can do it yourself. Many people only realize that when it is already to late! And I think the What If part is a huge problem. Enterpreneurs have to be a bit more fearless and just get themselve out there. There are huge risks of course, but oh, the reward can be so great!

Arjeta Culaj · Answer

@aleksandra_vovchenko Totally agree with you! An idea is just what it is, an idea. An idea alone can not make you successful. It is all about execution, time & money investment, patience and so many things. This is not something that random people can easily replicate.

Roy · Answer

@aleksandra_vovchenko Thanx Alexa!

What are the biggest mistakes made by startup entrepreneurs?

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