Entrepreneurship · Startups

What have been your biggest mistakes with your business during the early days?

Jeff Green Writer, Researcher, Strategic Consultant, Analyst

September 15th, 2016

Wondering some of the issues that I may encounter and how to avoid them.

Jerry Mahabub Chairman of the Board and CEO at Astound Holdings, Inc.

September 15th, 2016

If you think your projections are conservative, chop them by 1/100th and extend it out an additional 5 years.

K. Robbins Head Moose at Moose WorldWide Digital

September 15th, 2016

Having done this twice:

  • Do take the time to get everything setup before you get going especially the proper tracking systems so you know where you stand.  Three months is about right.
  • Hire your friends and family, but don't plan on keeping them on as it will turn out to be a very bad idea later.
  • Think long and hard about your pitch, your value proposition, and have some sort of halfway decent collateral.
  • If you need business consultants, personal life coaches, etc. you're not ready to do this keep working.
And the most important advice of all:

Don't ever give up.  Remember even a blind squirrel finds a nut every so often.

Jeffrey Pearl Entrepreneur, CEO and Sales Leader

September 15th, 2016

My best advice is to get real paying customers onboard ASAP! This will take lots of the pressure off “out of the gates”

Jeffrey Pearl Entrepreneur, CEO and Sales Leader

September 15th, 2016

Cut Revenue projections in half, Double the cash needed and double the timeline to profitability. The most important thing is to focus on sales!!!

Anonymous

September 15th, 2016

Wasting time on people your gut is telling you to avoid. Not having beta project lined up before fabrication was complete. Being professional and respectful to the naysayers when I should of embarrassed them. 

Chamakhe Maurieni

September 15th, 2016

Not learning how to code earlier : My refusal to sharpen my coding skillset, allowed a lot of inadequacies to go unnoticed with my technical team. Sent from Yahoo Mail on Android

Kodjo Hounnake

September 15th, 2016

1) Not realizing that expensive developers doesn't automatically translate into a good product and vice versa

2) Letting too many developers touch your code base without keeping track of changes on Github 

3) Overly focusing on customer acquisition and not focusing enough on customer retention

4) Not listening to enough start-up podcasts (wealth of info burried in podcast that could save you $1,000s)






Giles Crouch Digital Behavioural Economist | Speaker | Writer | Technology Strategist | on Twitter @Webconomist

September 15th, 2016

If you're planning to raise capital, start building your Due Diligence binders right away. Documenting as you go will save you time when an investor wants to start this process. If you're planning to bring a partner on, make sure you're compatible, a bad partner can be a nightmare later. Even if you get along great, have a Founders Agreement right away and sign it. That should transition to a Management Contract once you get financing. Put your papers in place. Hopefully you won't need them, but if you do...this also shows an investor you're serious and respect their investment.

David M

September 15th, 2016

Angelos-great answers!  I too wasted too much time on people I should not have.  However, as someone who confronted many naysayers, I can say most of the time it was a waste of valuable energy and time.  They never change anyway which is why they are often stuck telling other people what can't be done.  However, every now and then you gotta tell it like it is:)  Im sure you will have your chance to make up for it in these forums.  There are some "naysayers" who clearly lack experience but think they know everything!  Although, personally I wouldn't waste much time on them.