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What are the things that first time founders typically get wrong?

 2 years ago
source link: https://www.producthunt.com/discussions/what-are-the-things-that-first-time-founders-typically-get-wrong?ref=hpfeed
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What are the things that first time founders typically get wrong?

Mubeen Masudi
1d ago
18 replies
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Replies

Ubiquitous Perpetually!

Managing a small team is much harder than managing one where everyone understands their roles.

First-time founders seldom give the team more importance than the idea they are working on.

This causes a lot of friction in the pursuit of something great leading to conflicts and low success rates.

I'm trying to build products! :)
@ug911 Dude, you just nailed it. This is exactly my problem now and no wonder why turning my idea into its MVP is taking longer than it should.
Co-founder @Lens & Educator
@ug911 Agreed. too little focus on the team, culture and other foundational aspects
CX obsessed growth strategist
Time and energy management.
It's pronounced "data", not "data"
Comp & equity, especially for co-founders. It's an extremely awkward conversation and not an area where founders have a ton of experience. More often than not this means a scheme under which cofounders set fixed percentages without regard for any subsequent work. That work ends up feeling "unpaid" and can be a huge factor in burnout (or conflict).
Co-founder @Lens & Educator
@jtbg Would love to know more on this!
Founder @missfits.co
Figuring out the money makers & the money drainers in your P&L
Co-founder @Lens & Educator
@charlotte_chiang1 Yeah I guess - there is an important nuance here. I have seen first time founders obsess a lot about product and far too less on the business. This is a critical polarity that has to be managed for a successful startup
Saas Founder
building something nobody wants...
Co-founder @Lens & Educator
@tomas_spada2 Or may be building something that a LOT of people want but no one wants to pay for!
Product @ Abacum
Saying Yes more than No
Co-founder @ Sqwad
Getting obsessed about little details. They lack the ship first think later mentality
Co-founder @Lens & Educator
Building Moonpad.io

Not delegating enough.

Building a successful company requires constantly executing on several categories - product building, market research, marketing, sales, accounting, payroll, etc.

Within each category, there are several tasks (e.g., product building requires coding, designing, and gathering customer feedback)

I have seen first-time founders take on too much and not execute as well as they can. Depending on the startup goals, it can be overwhelming.

Co-founder @Lens & Educator
@salil_sethi I agree on not delegating enough. While obsessing about the core aspects of your business/product early on is critical. As a first time founder myself I ended up wasting a lot of time in micromanaging mechanical stuff such as payrolls, accounting, compliances, etc. Could have easily been delegated and opened up by bandwidth for more critical/creative stuff.
Founder - Incribo
"If you build, they will come". No. They won't. If you learn the problem and build long-term relationships with your users they will stay while you build.

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