As a new entrepreneur, you’re probably going to make a lot of mistakes. And some of them will be really costly. While the whole idea of entrepreneurship is fun and exciting, it can also be very stressful, especially when you’re just starting out. Here are five of the most common mistakes that early-stage startups make.
Going for investor money before getting any traction will only lead to rejection and time being wasted. You should wait until you have an MVP to see if there is any interest in the idea.
As a startup, you can't afford to be focused just on the product. You need to spend time understanding and solving the problems of the customers.
Over-committing and under-delivering may lead to an early-stage startup's collapse. If your startup isn’t ready to provide value focus on resources first before committing.
Most startups obsess over the wrong metrics. They focus too much on numbers like revenue and active users while ignoring important metrics like churn rate and customer lifetime value.
A business startup is a high-risk investment. That means there are legal consequences for you and your co-founders if you don't do everything by the book.