5 common mistakes by first-time startup founders
There is no business without mistakes. Especially if this is your first attempt. You feel free to make decisions, but you don't have enough experience yet not to fail.
Undoubtedly, learning from your mistakes is effective. But you can try to prevent them by studying the experience of your colleagues. Here are the most common ones:
🤦♂️ Hiring full-time employees before product-market-fit. Getting to product-market-fit is the only thing that matters in the early years of your company. Simply put, do you have something that people really love.
Until this point, you will be frantically trying many ideas, sometimes weekly. During this time anyone other than a co-founder will soon get frustrated by the changes of direction and eventually wonder if the compensation they are giving up on elsewhere is worth it.
🤦♂️ Deprioritizing offshore talent. Saving money is crucial in the early days. The biggest expense is labor and given the quality of talent around the world, and tools to collaborate with them, hiring offshore is the best way to save money early on.
Try looking for employees from lower-affluence countries or regions rather than from world centers and big cities. So you can pay less and get the same results.
🤦♂️ Holding on to the first idea far too long. Your first idea is very likely going to fail. This may seem like a gross generalization, especially since you probably just quit a job to launch your startup based on an idea you think is very good.
But success with startups usually comes from insights that no one else has. And they are seldom found in a survey but rather learned through failure. So the key to success is to iterate fast through ideas and get those insights quickly.
🤦♂️ Building a bigger MVP than necessary. Most founders have a grand vision for the solution to a thorny problem. They could create a complete product before finding out people wouldn’t use it.
Developing a mobile app or website needs a lot of resources. Just getting reliable login/ authentication, having useful onboarding, ensuring a responsive layout, etc takes a ton of time and you haven’t even got a feature yet.
Instead, conduct at least a fake-door test: make a landing page with no-code tools, describe your offer, and run ads on it. The number of clicks will show you if it makes sense to work on the idea further.
🤦♂️ Not having a marketing co-founder. The number one thing investors look for in a startup is a high growth, typically 10% month-over-month or more. That’s because it’s an easy signal for product-market-fit and a business that scales.
But getting to high growth is very difficult and requires constant experimentation with new marketing channels and strategies. A marketing co-founder is essential so that he/ she focuses on growth every day and is not distracted by other things.
❓ What mistakes did you make?
There is no business without mistakes. Especially if this is your first attempt. You feel free to make decisions, but you don't have enough experience yet not to fail.
Undoubtedly, learning from your mistakes is effective. But you can try to prevent them by studying the experience of your colleagues. Here are the most common ones:
🤦♂️ Hiring full-time employees before product-market-fit. Getting to product-market-fit is the only thing that matters in the early years of your company. Simply put, do you have something that people really love.
Until this point, you will be frantically trying many ideas, sometimes weekly. During this time anyone other than a co-founder will soon get frustrated by the changes of direction and eventually wonder if the compensation they are giving up on elsewhere is worth it.
🤦♂️ Deprioritizing offshore talent. Saving money is crucial in the early days. The biggest expense is labor and given the quality of talent around the world, and tools to collaborate with them, hiring offshore is the best way to save money early on.
Try looking for employees from lower-affluence countries or regions rather than from world centers and big cities. So you can pay less and get the same results.
🤦♂️ Holding on to the first idea far too long. Your first idea is very likely going to fail. This may seem like a gross generalization, especially since you probably just quit a job to launch your startup based on an idea you think is very good.
But success with startups usually comes from insights that no one else has. And they are seldom found in a survey but rather learned through failure. So the key to success is to iterate fast through ideas and get those insights quickly.
🤦♂️ Building a bigger MVP than necessary. Most founders have a grand vision for the solution to a thorny problem. They could create a complete product before finding out people wouldn’t use it.
Developing a mobile app or website needs a lot of resources. Just getting reliable login/ authentication, having useful onboarding, ensuring a responsive layout, etc takes a ton of time and you haven’t even got a feature yet.
Instead, conduct at least a fake-door test: make a landing page with no-code tools, describe your offer, and run ads on it. The number of clicks will show you if it makes sense to work on the idea further.
🤦♂️ Not having a marketing co-founder. The number one thing investors look for in a startup is a high growth, typically 10% month-over-month or more. That’s because it’s an easy signal for product-market-fit and a business that scales.
But getting to high growth is very difficult and requires constant experimentation with new marketing channels and strategies. A marketing co-founder is essential so that he/ she focuses on growth every day and is not distracted by other things.
❓ What mistakes did you make?
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10 best freelance websites every one should know 💥
1. Upwork
Upwork may be one of the best freelance websites for finding work no matter what type of freelancer you are.
Those in web development, graphic design, customer support, and even freelance writing will find that Upwork has much to offer.
2. Designhill
Designhill gives employers looking for freelance designers a few ways to find them.
Employers can create a project contest to find creative freelancers and receive a variety of design entries to choose from.
3. Toptal
Toptal pitches itself as a place to find the top 3% of freelance talent.
Their screening process is so rigorous that out of the thousands of submissions they get every month, they only accept a few into their ranks.
4. We Work Remotely
We Work Remotely boasts that they get around 3 million users a month. That’s huge.
They have a multitude of job postings in categories like programming, design, sales, marketing, customer support, and more.
5. SimplyHired
SimplyHired has a lot of great resources that go beyond a simple freelance job board.
You’ll find guides on resume writing, cover letter writing, and other information to help you out. SimplyHired even has a free online resume builder if you need to revamp yours.
6. Fiverr
Fiverr got its name because it originally facilitated quick freelance gigs for five dollars — but it’s grown quite a bit since then. Now, you can set your own starting prices, packages, and add-ons.
I believe that's it who doesn't know about Fiverr?
7. PeoplePerHour
PeoplePerHour markets itself as doing a better job of pairing clients with professionals compared to other websites for freelancers.
PeoplePerHour aims to bring freelancers and clients together in a more streamlined, precise way.
8. Guru
Guru has an authentic, grassroots feel to what they do.
They encourage transparency on their freelance platform and value trust, making sure that whatever your role, expectations are met.
9. 99designs
99designs is another great website for freelancers that allows designers to connect with businesses around the world.
If you’re a designer looking for freelance work online, 99Designs is a great place to start.
10. Freelancer
Freelancer is one of the best websites to find work regardless of the type of freelancer you are.
Hope you enjoyed it.
Share & join💡@Busines_Insight
1. Upwork
Upwork may be one of the best freelance websites for finding work no matter what type of freelancer you are.
Those in web development, graphic design, customer support, and even freelance writing will find that Upwork has much to offer.
2. Designhill
Designhill gives employers looking for freelance designers a few ways to find them.
Employers can create a project contest to find creative freelancers and receive a variety of design entries to choose from.
3. Toptal
Toptal pitches itself as a place to find the top 3% of freelance talent.
Their screening process is so rigorous that out of the thousands of submissions they get every month, they only accept a few into their ranks.
4. We Work Remotely
We Work Remotely boasts that they get around 3 million users a month. That’s huge.
They have a multitude of job postings in categories like programming, design, sales, marketing, customer support, and more.
5. SimplyHired
SimplyHired has a lot of great resources that go beyond a simple freelance job board.
You’ll find guides on resume writing, cover letter writing, and other information to help you out. SimplyHired even has a free online resume builder if you need to revamp yours.
6. Fiverr
Fiverr got its name because it originally facilitated quick freelance gigs for five dollars — but it’s grown quite a bit since then. Now, you can set your own starting prices, packages, and add-ons.
I believe that's it who doesn't know about Fiverr?
7. PeoplePerHour
PeoplePerHour markets itself as doing a better job of pairing clients with professionals compared to other websites for freelancers.
PeoplePerHour aims to bring freelancers and clients together in a more streamlined, precise way.
8. Guru
Guru has an authentic, grassroots feel to what they do.
They encourage transparency on their freelance platform and value trust, making sure that whatever your role, expectations are met.
9. 99designs
99designs is another great website for freelancers that allows designers to connect with businesses around the world.
If you’re a designer looking for freelance work online, 99Designs is a great place to start.
10. Freelancer
Freelancer is one of the best websites to find work regardless of the type of freelancer you are.
Hope you enjoyed it.
Share & join💡@Busines_Insight
👍1
Have you ever dreamt of making money online? Where you
wondering in which ways you can make money without owning a
physical business?
Many people wish to start a side business, create passive income,
and ultimately live in financial freedom. There a numerous people
who achieved great success and every day new people join the
community of online entrepreneurs.
Why should you make money online? There are multiple reasons
which differ from person to person, but among others you may want
to:
have the freedom to work whenever you want and from wherever you
are
become your own boss or start your side hustle
have more time for private things in life (e.g. for family, friends, and
hobbies)
work flexible hours and receive more money according to how much
effort you put in
follow your passion instead of doing a 9-5 job you don’t like
wondering in which ways you can make money without owning a
physical business?
Many people wish to start a side business, create passive income,
and ultimately live in financial freedom. There a numerous people
who achieved great success and every day new people join the
community of online entrepreneurs.
Why should you make money online? There are multiple reasons
which differ from person to person, but among others you may want
to:
have the freedom to work whenever you want and from wherever you
are
become your own boss or start your side hustle
have more time for private things in life (e.g. for family, friends, and
hobbies)
work flexible hours and receive more money according to how much
effort you put in
follow your passion instead of doing a 9-5 job you don’t like
👍1
How to Make Money Online - Star - Robert Ramsey-Hill.pdf
689.2 KB
HOW TO MAKE MONEY ONLINE