Startup Mistakes
- Picking a bad idea
- Regulatory problems, such as privacy, laws, …
- Creating something that no one wants.
- Ideas that don’t scale
- Ideas that solve inconsequential problems, they don’t create fans and are easily replaced
- Failure to define what core job the product or service is trying to do
- Building bad product
- Lack of support in different platforms
- Iteration velocity: long and slow iteration cycles
- Building a product with low Net Promoter Score(NPS).
- Disregarding customer experience: Customer Experience Inversion is creating a product around the experience you wish the customers to have.
- Human resources
- Not having the right co-founder
- founders are not suitable(don’t fit) with the idea
- Personal Market Test Failure: when founders work with ideas that they have no direct experience with or fail to test them around their future customers.
- When you don’t know it’s market
- When you don’t have experience in creating the product or providing service
- Hiring poorly
- Teams: lack of a well-crafted team. it’ not exceptional individuals that make great things, it’s exceptional teams.
- Failure to ask for help
- Lack of focus, management, or planning
- Failure to define your success and failure metrics
- Failure to scale up in time. More at Economies of Scale.
- fail to execute sales and marketing.
- Failure in social media.
- Failure to create Network Effect: Each additional user increases the utility of the whole platform for everyone.
- Customer Acquisition Cost is higher than Customer Life Time Value
- Cash problems
- Founders often underestimate the amount of capital they'll really need to launch and keep their business afloat.
- Chasing investors, instead of customers
- Spending too much money