No one is perfect and at the pace that startups operate at, mistakes happen often. What makes startups completely unique is that mistakes often mean progress, they mean you are testing the boundaries, trying new things.
Unfortunately, these are not those types of mistakes, they are genuine, straight up whoopsies.
- Not holding to my convictions around product/market focus.
This can be a company killer. You can waste a tremendous amount of time, money and good will with early customers if you make a decision that goes against your thesis early in a company’s life. Every cliché fits here: Don’t try to swallow the ocean, be micro before thinking macro, PMF or bust, your eyes can’t be bigger than your stomach. - Firing too slowly.
There is a massive difference between having someone in the wrong role too long and having no one in that role for a while. Don’t hang on to people that bring the collective down or clearly aren’t pulling their weight — for any period of time. - Hiring too quickly.
The exact opposite of #2. Scaling up a startup does NOT mean hiring quickly. Hire, optimize, then hire. You never want to question what anyone is doing in the early stages of a company. That’s a bad sign and bad management. - Assuming everyone has the same vision, understanding of company direction and priorities.
Things shift often in early stage companies so being clear on what those shifts mean to the team has to be communicated clearly and often. It is all too easy to assume everyone is in your brain. They are not. - Not understanding that cashflow is king.
No cash? No business. Period. Managing cash is the greatest skill needed to start a business. Bets on direction, customers and people are all determined by the amount of cash you have available. When you are a solopreneur you can bet it all. The rest of the time you need to be measured in your spend, calculated in your ambition and clear on your growth plans.
This list could be endless. As a founder you will make every single mistake on this list because it almost seems to be a right of passage. Just know the signs and react faster and then don’t make the same mistake again.