1. Hire a law firm and end up burning cash .. very bad investment and advice.
Learning : Just because another fellow entrepreneur hired this big shot law firm, you shouldn’t.
2. Thinking that Market research is talking to friend and family. Not talking to real users specifically asking them if they would PAY … Real $$$
Learning : it’s quite easy to fall prey to false analysis. Be careful.
3. Starting with No goto market approach and focus. Thinking that you could sell to anyone and everyone .. believing that the criteria is anyone who can pay you, you can chase that “category” and potentially make money.
Learning : Focus .. Legend says Yelp spent 3 years in just SFO before they expanded to entire US (in the next 3 years)
4. Coder’s Favorite : “Let me code this one small feature as it’s quite easy for me. Because it will make my platform look cool. This will help me market the product better”.
Learning : No one .. believe me NO ONE cares about your features or technology if there is no need for it if it is not solving a problem.
5. Assuming your business is not only become successful but also will scale quickly : And assuming this on day 0. This thought itself screws your execution and line of thinking. The whole lean term shouldn’t just be in execution but also thinking. Have a big vision but lean thought.
Learning : Realistic Expectation, Focussing on the Strength of your product and Mastering it for a Target audience and then Scale
6.Choosing Partner like you Hire somebody:- Made a contractor-minded developer a co-founder or just because he name dropped references such as Ed Cass and Jonathan Perel, spoke as if he was highly intellectual and acted as if he knew what he was talking about.
Learning : Don’t just make a guy who can invest (as in Money or i Knowledge) as your partner. Your partner has to be as passionate as you are.