Little nightly thoughts
by Business Exploration
Dear Fellow Innovator,
My friend Vitalii Duk, of Dubai Data Science Meetup has recently posted a nice article on Medium:
9 Cataclysmic Ways to Make Your Tech Startup Fail about his experience as successful "startup-failer".
As a go to market coach and former strategic marketer in charge of a New Products Introduction portfolio, I also witnessed a few sure way to crash a business venture. Here they are.
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9 Cataclysmic Ways to Make Your Tech Startup Fail:
Let's start with a brief recap of Vitalii's Fail best practices:
- Have Only Technical Co-Founders
- Rush the Product Build
- Don’t Worry About Your Legal Setup
- Keep that equity all to yourselves
- Be the perfectionist you want to see in the world
- Investors are only looking to burn money.
- "Be first to market" is for schmucks
- Stick to Your Core Skills
- Created a startup around your own problem
Read Vitalii's article on medium for the full explanation. His sarcasm is distilled form experience... Now let me add 9 further ways I eye-witnessed in my 15 years career as go to market coach:
Further 9 sure ways to startup failure:
- Have a all-biz team
( you can always hire a nerdy nerd coder to deal with that techy part...oh yes...)
- Forgetting on-line biz it is not "only" on-line
(yes: behind the front-desk there is always at least an accountant back-desk...believe or not)
- Reaching customers, one by one.
(MVP do not means: target one client at time, it means target one segment at time...)
- Start with pocket money.
(get funding around your idea "before" to start working on your idea... it's the first market test)
- Having your "significant other" as partner
(ok sometime it works, but most not: figure out launching and sleeping with your shareholder... if not worst)
- Maneuvering "Price" without any experience on it.
(Price is the faster and most sensitive business lever, use it at your risk)
- Entrenching behind the screen.
(believe or not, business is relationship, and this requires human touch)
- Confounding "writing" with "copywriting".
(yes you can write your website text by yourself, but there is a reason if someone is paid to write words that sell...)
- Giving your name to your "baby"
("Homen nomen": choose the wrong name and you are done ... )