6 Mistakes First-Time Founders Make When Starting a Business

Introduction

We've talked to a lot of first-time founders launching their startups, who inevitably make these six mistakes.

1. They believe their idea is unique.

You have an idea and you think it's unique. I get it; it's a good one. You're going to be the next big thing in your industry and make millions! But there are so many other people who have thought this exact same thing and almost all of them are wrong.

Let me ask you a few questions:

·????????Who are your competitors? How do they differ from your business?

·????????What does your customer base look like? Do they care about price, quality, convenience or something else entirely?

·????????What is the market for this product or service like in general (i.e., how many people want it)?

These questions need to be answered before you even consider starting a business because if you don't know them then how can decide whether or not your idea is any good at all! If there aren't enough potential customers for what you're offering then there won't be any money coming in. And if no money comes in then there will be no business—it's that simple!

2. They don't realize how much work it takes to launch a startup.

You need to be prepared for long hours, a lot of hard work, stress and challenges. You need to be prepared for setbacks. You need to be prepared for the fact that it may not work out—and that's okay! And if you're ready for all of this and still want to start a business anyway, then congratulations: you've made it through the first step!

The second thing you will probably notice is how fast everything moves in a startup environment compared with other traditional jobs or even other tech companies. As soon as we started working on our idea at Startup Weekend, everyone else was already thinking about their next steps after the event ended on Sunday afternoon (including us!).

3. They choose the wrong business partners.

Choosing the wrong business partners can be a disaster for your startup. It's one of the most common mistakes first-time founders make, and it can set you back months or even years.

If you're in this position, listen up: You need to know how to find and work with the right people on your team.

4. They rely on friends and family too much.

·????????Friends and family are a great source of advice, but they're not always the best people to run your business.

·????????They can be your biggest cheerleaders, but they aren't able to help you with the day-to-day tasks of running a business.

·????????And when it comes down to it, friends and family will want to see you succeed—but their loyalty may lie more with supporting your dreams than making sure you succeed as an entrepreneur.

5. They don't find mentors who can help them succeed long-term.

In the early days, you’re going to be learning everything you can about your industry and how to run your business. Having a mentor who has already gone through this process can save you a lot of time and money by helping you avoid making mistakes and getting stuck in a rut.

Mentors can also help with more specific tasks like finding funding or customers, which is why it’s important for first-time founders to find mentors who will provide them with long-term support as well as short-term advice on specific topics.

6. They overestimate how much capital they need to launch their startup.

When you’re just getting started, it can be tempting to think that your startup needs a lot of money. While this is often the case, there are many instances where companies were able to launch with only a few thousand dollars.

Consider these examples:

·????????Uber was started by Garrett Camp and Travis Kalanick with $200K in seed funding;

·????????Pinterest began as an idea between two friends who had already spent $50 on various web domains;

·????????Airbnb was launched with just $12K from its founders' personal savings accounts.

Don't make these common mistakes when you launch your startup

Don't assume your idea is unique. In fact, you should assume it isn't.

Don't underestimate how much work it will take to launch your startup. You probably have an idea of what the day-to-day of running a business looks like, but when you're just getting started, you'll have so many more tasks than you can possibly imagine—and all at once!

Don't choose the wrong business partners for yourself or for your company (if applicable). Take time to vet potential partners and make sure they fit with your goals and values before committing to them on any level whatsoever.

Don't rely on friends and family too much during those first few months—especially if they are not experienced in the industry in which you're launching your venture! They might mean well, but they won't be able to give unbiased advice because they are emotionally invested in seeing things succeed; this can lead them down an unrealistic path that could hurt everyone involved if not corrected quickly enough."

Conclusion

We hope that you can avoid these common mistakes when you start your business. Each one of us at the company has made them before, but we’ve learned from our experiences and built a better startup as a result. It’s not easy to build something from scratch and make it work, but there are plenty of resources out there for new entrepreneurs like ourselves who want to succeed!