Most first-time founders make the same mistakes.
Here are 10 mistakes that most people made so you don't have to:</div><div>1. Understand your market and target audience
Common startup mistakes founders make is: -Not conducting proper market research -Only focusing on improving the quality of products
Remember that initially, your customer's feedback is more important than the product’s quality.</div><div>2. You cannot do everything on your own
Don't assume that you're all alone.
Find trustworthy advisors and business partners.
Form a reliable core team to discuss your ideas, challenges, and wisdom.</div><div>3. Finding right people is important
A company's first set of employees and investors can make it or break it.
Working with the right people is important as you will see a lot of ups and downs along the way. Having the right people by your side makes it easy to get through.</div><div>4. Don't hire too soon
It is important to realize when to hire a full-timer.
Working with freelancers will make more sense if the startup is in its early stage.
As per the requirement, you can find people and onboard them full-time.</div><div>5. Fair product valuation
Having the value of a product too high or too low is a threat
You may have best intention to provide free value but do not become the source of freebies
Product valuation comes with measuring how it is making a difference in the life of its users.</div><div>6. Don't launch too soon.
One of the biggest mistakes in a startup is launching the product too soon.
Launching in public means kick-starting the business. So ensure that your system and process are in place.</div><div>7. Create a marketing plan
Once you have successfully addressed the problem and created a product or service to fill the gap, it's time to find your first 10 users and then 100 users, and so on.
It is where a detailed marketing plan is important to get you more users.</div><div>8. Don't overpromise and under-deliver
Don't stack work overwork. It's always good to ask for a further deadline than to take too much workload.
More important is to gauge your time bandwidth than to underdeliver.</div><div>9. Too much planning
Too much planning can lead to confusion and eventually becomes a failure. So make a plan that leads to a clear decision.
Address the key areas instead of fixing everything.</div><div>10. Employee accountability
Your employees' accountability will say a lot about their performance.
It also helps define the thin line between a good employee and a bad one.
So make sure the accountability game of your company is strong.</div><div>TLDR;
1 Understand your market 2 Find the right people 3 You cannot do everything on your own 4 Don’t hire too soon 5 Fair product valuation 6 Don’t launch too soon 7 Create a marketing plan 8 Don’t over promise and under deliver 9 Too much planning 10 Employee accountability</div><div>If you find this thread insightful, RT the first tweet and Follow @rajshamani for more threads on content creation, finance, and entrepreneurship.</div>
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