14 Specific Mistakes Most First-Time Entrepreneurs Make
Never wait too long to fire people.
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What are the most common mistakes first time entrepreneurs make? originally appeared on Quora - the place to gain and share knowledge, empowering people to learn from others and better understand the world.
The most common mistakes made by first time entrepreneurs:
- Over-weighting the opinions of investors/VCs.
- Raising money from investors you don't trust/raising money from investors who don't truly believe in the founding team.
- Not impacting the market frequently enough (for example, waiting to start selling until v1.0 is completely finished).
- Over-complicating their messaging (assuming that the average person will give them more than 0.1 seconds of their attention).
- Not thinking enough about sales velocity & whether their clients have the desire & ability to buy quickly.
- Not identifying the types of customers who will buy at a high enough price point to support the business model.
- Thinking that selling to one enormous client will solve all of their problems.
- Poor prioritization & working on way too many initiatives at once.
- Not spending enough time cultivating allies (it's better to have 1 industry ally who is obsessed with your product/service than 10 who are merely aware of you).
- Over-obsessing about PR and looking like a "hot startup" in general.
- Waiting too long to fire people.
- Hiring risky or mediocre people among your first dozen hires.
- Working somewhere that is inherently distracting.
- Not getting any sleep.
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