Are you working on your first software startup? How do you know if you're making big mistakes? In this video, I cover the 7 most common mistakes first time founders make so you avoid them starting today.
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Here are 3 ways the word “Pivot” is often misused:
- Used to describe a failure
- Used to describe a full restart
- Used to describe a new focus
The word pivot requires that you keep one foot planted in the core idea... and then you take the other foot (your product focus) and focus on a new strategy.
The key is to do it right....
So instead of sharing with you the right way to pivot, I’m actually going to start with the opposite.
In this video I share the most common ways smart founders have screwed up their startups.
These are mistakes that ANY of us well-intentioned founders can make.
Personally, they’ve cost me far more than I care to calculate...
… and are mistakes that I continue to help fix week after week for my coaching clients.
At a high level it comes down to one of these 7 areas:
- Mistake Free as a Business Model (it’s a Marketing Decision)
- Don’t Pick an Idea / Keep 2-3 Going
- Don’t Solve a Problem (Vitamin)
- Go Too Wide / Need to Focus on Niche Customer
- Don’t Follow Process (Raise First, Then Build)
- Take Feedback as Gospel (Only Paid, Qualified)
- Don’t Pivot Customer / Only Product
Now, there are at least a dozen more negative patterns that I see founders make, but this is the 20% that cost 80% of the pain.
(and definitely the most challenging to recover from)
Have you ever been guilty of any of these?
If so, I would love to hear from you directly in the comments below.
Let me know the product, story and lessons learned.
I’m sure others from the community would appreciate it as well.
Have an incredible day!
Don't forget to share this entrepreneurial advice with your friends, so they can learn too: https://youtu.be/EW46yLR3wA4
ABOUT DAN MARTELL
“You can only keep what you give away.” That’s the mantra that’s shaped Dan Martell from a struggling 20-something business owner in the Canadian Maritimes (which is waaay out east) to a successful startup founder who’s raised more than $3 million in venture funding and exited not one... not two... but three tech businesses: Clarity.fm, Spheric and Flowtown.
You can only keep what you give away. That philosophy has led Dan to invest in 33+ early stage startups such as Udemy, Intercom, Unbounce and Foodspotting. It’s also helped him shape the future of Hootsuite as an advisor to the social media tour de force.
An activator, a tech geek, an adrenaline junkie and, yes, a romantic (ask his wife Renee), Dan has recently turned his attention to teaching startups a fundamental, little-discussed lesson that directly impacts their growth: how to scale. You’ll find not only incredible insights in every moment of every talk Dan gives - but also highly actionable takeaways that will propel your business forward. Because Dan gives freely of all that he knows. After all, you can only keep what you give away.
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