(Disclaimer: I have made the same mistakes, it has been a steep learning curve 😅).
- Hiring a CTO right away
- Hiring a marketing or branding agency
- Hiring more people than necessary (in general)
- Renting an office space
- Developing your app/software/platform before talking to customers
- A constant stream of new features (based on one’s imagination)
- Getting validation from friends and family
- Getting sucked into startup events and conferences
- Investing more time in finding investors than in finding customers
- Trying to raise money too early before knowing what investors are looking for
- Putting a high valuation on your business
- Being surrounded by advisors who do not have any experience building what you are building
- Trying to have the perfect solution before launching
Instead:
- Validate the problem + Build a waitlist + test a 1st simple solution
- Establish a personal brand in order to build trust
- Recruit based on specific needs
- Work from home, coffee shops, or libraries until you have enough customers to pay for an office
- Launch before you are ready
- Stay LEAN
Have you experienced some of these pitfalls?
Let me know. Happy to hear from you here, via LinkedIn or email :).
***
I help founders fundraise and scale 🚀
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