What is the most common mistake new entrepreneurs make?
Here’s a different answer from the typical norm lean startup / mvp / validation / customer discovery route. I’m going to assume you know this (or at least, are familiar with it).
The most common mistake I see entrepreneurs make is ‘How they begin & go-to-market’
If the founder is technical, often they’ll spend a long time coding it and launch their product with no users.
On the other hand …
If the founder is non-technical (has a biz dev or a marketing background); often they’ll waste too much time trying to find a programming co-founder, and they should be getting stuff done.
Talent attracts talent, and the more a solo founder gets done by themselves in the early days, the better talent; and or, an investment they can attract later.
I think startups can be broken down into four different categories.
A-Teams: These are teams that are experienced and already know how to build a successful company.
B-Teams: Those that are on their way to building a successful company.
C-Teams: People that are still learning how to build a company.
D-Teams: Usually just a person with an idea, talks about the idea, and hasn’t bothered to do anything about it.
More detailed information can be founder here: http://blog.ghacklabs.com/abcd-startup-teams/
I would say not doing enough customer discovery first.
How badly does the solution the entrepreneur is creating solve a real problem for the customer and how much are they prepared to pay for it. If you don’t nail that first everything else is built on that one mistake.
Legal advice on proposed business structure. Legal compliance issues. Protecting IP and insulating risk as much as possible.
Based on my experience the biggest mistakes is not defining a clear purpose at the beginning – you need to to clarify your vision, market and target customers to develop your unique value proposition. That way you will save time and money in the medium to long term as this acts a a brief to define your brand, MVP for you website/platform/app etc.
UVP before MVP or “Think before you plan before you do” – hope that helps!