Richard Fang

What's the biggest mistake you've made as a founder?

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This sounds silly but when I launched my first startup 5 years ago, we didn't put in a vesting schedule 😅 Wanted to see what others have done but also things we know to avoid in the future!
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Lakshmi
Two biggest mistakes - insufficient problem hypothesis validation and poor mentor-mentee values fit.
Richard Fang
@gogloballakshmi What happened with your mentor - mentee part?
Lakshmi
@richardfliu we just didn't see eye to eye in terms of execution.. My strategy was different from theirs and the communication style was a mismatch when discussing disagreements. Of course I understand this on postmortem.. I did not have this clarity when I was caught up in action.
Prateek Mathur
@gogloballakshmi Was this an advisor presented to you by your investors?
Lakshmi
@prateek_mathur mentors and advisors are not the same... I was bootstrapped, never took investor money... startups are about communities too..
Richard Fang
@gogloballakshmi Ah that sucks :/
Adrian Topka
I think the ones which cost me the most time and cash were: 1. didn't make market/idea validation with the clients, before start the work. (I just had the assumptions) 2. Lack of a mentor. but it's hard to avoid that when you are a 1st-time founder. You want to launch asap, you think you have the best idea in the world, and so on.. :D
Richard Fang
@adrian_topka Haha 100% - it seems like market/idea validation is a common theme
Adrian Topka
Artem Smirnov
I should have hired a mentor who would force me to think more clearly about our startup and hold me accountable. Or join a preacceleration program. I think we would grow much faster.
Lakshmi
@artem_smirnov A mentor is to facilitate, IMO nothing should be force especially for a founder.. What I see is you wanted someone to communicate with, so a matching communication style will help with achieving goals..
Artem Smirnov
@gogloballakshmi Yes, by "force" I mean asking uncomfortable questions that I avoid asking myself.
Andrea Brice
@artem_smirnov I've done that, am doing that. I'm having to rethink because I'm self-funding and this is expensive expensive. But she helped me re-pivot and if she holds me accountable (which is a big deal) - which she has - then I need to maybe just eat it and live with it. I was literally re-thinking the investment this morning. It's painful because "intangibles" like "clarifies", "calms", "synthesizes" is not lines of code or bugs killed, newsletters written, or instagram posts.
al3sha is Salt
I once started a tech company at the beginning of the DotCom ... bust.
Richard Fang
@al3sha Haha that's an era I missed out on 😆
al3sha is Salt
@richardfliu I promise, I learned A LOT! Wouldn't trade it in for a new car :D
Dean Ayer
@al3sha I did that, the customers kept asking "Are you going to go out of business?" and we were saying "No, we just launched!" ....and it was a SaaS about 10 years early but its still running today, 20 years later LOL.
Richard Fang
@al3sha @dean_ayer Damn that's amazing haha
Omer Asif
@al3sha @dean_ayer Almost every dot-com idea from 1999 that failed will succeed. - Marc Andreessen
Kishore
Not releasing until all planned features are completed. For https://watermark.ink I built a complete visual editor for custom templates and most my users hated it and said its confusing.. I thought its not worth wasting time in customer support, so sadly I have to completely remove templates feature (this feature took 50% of total dev time). Must have gone to market early and got this feedback.
Richard Fang
@prakis Oh really wow I would have thought myself that a template feature would be what users wanted
Eddie H.
Not enough focus on marketing.
Andrea Brice
@eddieaich That's what I'm hunkering down now with myself before going to market. It's tough though.
Jake Desjarlais
Giving away too much of the company for early help.
Richard Fang
@seeenjake Could I ask what you did specifically here?
Jack Davis
I was trying to sell sweatshirts without having a legal entity set up😂😭!
Richard Fang
@jack_davis7 Haha did anything bad happen or did you get away with it 😆
Jack Davis
@richardfliu I was so inexperienced I did not sell a single piece so nothing ever happened lol.
Emma Phượng Nguyễn
Co-founder/ Important people breakup. When I know somebody for years and think that we can be business partners, it turns out that it is all illusion. I would be brutally honest to myself as a solo founder rather having fancy people on board.
Richard Fang
@emmanguyen Yeah I acutally ran into this problem with one of my friends. Realised we're really great as friends but terrible as a co-founder partner (she's more of a corporat person).
Emma Phượng Nguyễn
@richardfliu Startup game is starting from scratch. Not simply copy & paste solution from one place and put it to another market. The corp/ big org is well-designed process - Doing well in those does not mean you will thrive in startup.
Jake Strouse
Procrastinating. It has always been a huge issue for me, and has lead to some great ideas never being pursued.
Devanand Premkumar
@influxes I know how you feel. Been there, its quite a pain and I have lost quite a lot because of that alone.
Angelina
@influxes i feel that means you weren't really excited about them. perhaps led you to something better: you have passion + good idea.
Jake Strouse
@angelina_magr I was excited for them to be a reality. But I was not excited about the pains of building them. So I procrastinated.
Angelina
@influxes not excited enough then? :P
Jake Strouse
@angelina_magr hahaha, fair enough I guess :)
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