Richard Fang

What's the biggest mistake you've made as a founder?

by•
This sounds silly but when I launched my first startup 5 years ago, we didn't put in a vesting schedule 😅 Wanted to see what others have done but also things we know to avoid in the future!
27 views

Add a comment

Replies

Best
Abhinav Unnam
Prioritisation. The initial goals for the startup should be to get the direction right in terms of product, market, possible users etc before throttling on execution and tech-related challenges. Going about the process without a hypothesis resulted in panic and random dart-throwing as a strategy.
Lakshmi
Two biggest mistakes - insufficient problem hypothesis validation and poor mentor-mentee values fit.
Richard Fang
@gogloballakshmi What happened with your mentor - mentee part?
Lakshmi
@richardfliu we just didn't see eye to eye in terms of execution.. My strategy was different from theirs and the communication style was a mismatch when discussing disagreements. Of course I understand this on postmortem.. I did not have this clarity when I was caught up in action.
Prateek Mathur
@gogloballakshmi Was this an advisor presented to you by your investors?
Lakshmi
@prateek_mathur mentors and advisors are not the same... I was bootstrapped, never took investor money... startups are about communities too..
Richard Fang
@gogloballakshmi Ah that sucks :/
Adrian Topka
I think the ones which cost me the most time and cash were: 1. didn't make market/idea validation with the clients, before start the work. (I just had the assumptions) 2. Lack of a mentor. but it's hard to avoid that when you are a 1st-time founder. You want to launch asap, you think you have the best idea in the world, and so on.. :D
Richard Fang
@adrian_topka Haha 100% - it seems like market/idea validation is a common theme
Adrian Topka
Artem Smirnov
I should have hired a mentor who would force me to think more clearly about our startup and hold me accountable. Or join a preacceleration program. I think we would grow much faster.
Lakshmi
@artem_smirnov A mentor is to facilitate, IMO nothing should be force especially for a founder.. What I see is you wanted someone to communicate with, so a matching communication style will help with achieving goals..
Artem Smirnov
@gogloballakshmi Yes, by "force" I mean asking uncomfortable questions that I avoid asking myself.
Andrea Brice
@artem_smirnov I've done that, am doing that. I'm having to rethink because I'm self-funding and this is expensive expensive. But she helped me re-pivot and if she holds me accountable (which is a big deal) - which she has - then I need to maybe just eat it and live with it. I was literally re-thinking the investment this morning. It's painful because "intangibles" like "clarifies", "calms", "synthesizes" is not lines of code or bugs killed, newsletters written, or instagram posts.
al3sha is Salt
I once started a tech company at the beginning of the DotCom ... bust.
Richard Fang
@al3sha Haha that's an era I missed out on 😆
al3sha is Salt
@richardfliu I promise, I learned A LOT! Wouldn't trade it in for a new car :D
Dean Ayer
@al3sha I did that, the customers kept asking "Are you going to go out of business?" and we were saying "No, we just launched!" ....and it was a SaaS about 10 years early but its still running today, 20 years later LOL.
Richard Fang
@al3sha @dean_ayer Damn that's amazing haha
Omer Asif
@al3sha @dean_ayer Almost every dot-com idea from 1999 that failed will succeed. - Marc Andreessen
Kishore
Not releasing until all planned features are completed. For https://watermark.ink I built a complete visual editor for custom templates and most my users hated it and said its confusing.. I thought its not worth wasting time in customer support, so sadly I have to completely remove templates feature (this feature took 50% of total dev time). Must have gone to market early and got this feedback.
Richard Fang
@prakis Oh really wow I would have thought myself that a template feature would be what users wanted
Eddie H.
Not enough focus on marketing.
Andrea Brice
@eddieaich That's what I'm hunkering down now with myself before going to market. It's tough though.
Jake Desjarlais
Giving away too much of the company for early help.
Richard Fang
@seeenjake Could I ask what you did specifically here?
Jack Davis
I was trying to sell sweatshirts without having a legal entity set up😂😭!
Richard Fang
@jack_davis7 Haha did anything bad happen or did you get away with it 😆
Jack Davis
@richardfliu I was so inexperienced I did not sell a single piece so nothing ever happened lol.
Emma Phượng Nguyễn
Co-founder/ Important people breakup. When I know somebody for years and think that we can be business partners, it turns out that it is all illusion. I would be brutally honest to myself as a solo founder rather having fancy people on board.
Richard Fang
@emmanguyen Yeah I acutally ran into this problem with one of my friends. Realised we're really great as friends but terrible as a co-founder partner (she's more of a corporat person).
Emma Phượng Nguyễn
@richardfliu Startup game is starting from scratch. Not simply copy & paste solution from one place and put it to another market. The corp/ big org is well-designed process - Doing well in those does not mean you will thrive in startup.
123
•••
Next
Last